Companies news of 2017-02-01 (page 1)

  • Ann Vezina Appointed to the SYNNEX Corporation Board of Directors
  • KLA-Tencor Announces Upcoming Investor Presentation
  • H&R Block with IBM Watson Reinventing Tax Preparation
  • Customer Experience (CX) Solutions Provider McorpCX, Inc. Appoints New Director to its...
  • H&R Block with IBM Watson Reinventing Tax Preparation
  • FlexShopper Reports Preliminary Unaudited 2016 Revenues And Lease OriginationsLeading...
  • Hill-Rom to Participate in the Leerink Partners 6th Annual Global Healthcare Conference
  • Nimble Storage to Announce Fourth Quarter 2017 Financial Results on March 7, 2017
  • Cadence Reports Fourth Quarter and Fiscal Year 2016 Financial Results
  • Axcelis Announces Financial Results For Fourth Quarter And Full Year 2016Purion Product...
  • SunPower to Announce Fourth-Quarter Results on February 15, 2017Event to be Webcast at:...
  • Facebook Reports Fourth Quarter and Full Year 2016 Results
  • Extreme Networks Reports Second Quarter Fiscal Year 2017 Financial Results
  • Acorn International Continues to Defend its Proprietary and Licensed Brands in China with...
  • Mastech Digital, Inc. to Discuss Fourth Quarter and Full Year 2016 Financial Results on...
  • Synopsys Announces Earnings Release Date for First Quarter Fiscal Year 2017
  • Exar Corporation Announces Fiscal 2017 Third Quarter Financial Results
  • AT&T Network 3.0 Indigo Redefining Connectivity through Software Control, Big Data and...
  • Table Trac signs contract with Shoalwater Bay Casino to replace existing casino management...
  • Cavium Announces Financial Results for Q4 2016
  • IAC Earnings Release and Letter to Shareholders Available on Company's IR Site
  • Universal Technical Institute Reports Fiscal Year 2017 First Quarter ResultsAchieved $1.4...
  • Research Solutions Sets Fiscal Second Quarter 2017 Conference Call for Tuesday, February...
  • Cogent Communications to Host Fiscal Year 2016 Earnings Call on February 23, 2017
  • HDI Unveils Top 25 Thought Leaders in Technical Support and Service ManagementSelected by...
  • pdvWireless to Announce Third Quarter Fiscal 2017 Financial Results
  • Ancora Advisors Delivers Open Letter to Edgewater Technology StockholdersGratified by the...
  • AT&T Creates Highly Secure Private Networking Solution for Internet of ThingsAT&T IoT...
  • u-blox TOBY-R202 and TOBY-R200 First LTE Cat 1 Modules With VoLTE Support Certified for...



    Ann Vezina Appointed to the SYNNEX Corporation Board of Directors

    FREMONT, Calif., Feb. 1, 2017 /PRNewswire/ -- SYNNEX Corporation , a leading business process services company, announced today the appointment of Ann Vezina to the Company's Board of Directors.

    The appointment adds a new Independent Director to the SYNNEX Board, bringing the total number of Independent Directors to eight and the total Board membership to eleven. In addition to joining the SYNNEX Board, Ms. Vezina has been appointed to the Company's Audit Committee.

    Ms. Vezina most recently was the Corporate Vice President, Human Resources, of Xerox Business Services, a role she was promoted to in 2013. Prior to that she was the Corporate Vice President and Chief Operations Officer for Xerox Business Services, where she led the operation and growth of Enterprise BPO. Ms. Vezina came to Xerox when it acquired Affiliated Computer Services, Inc. where Ms. Vezina had been the Executive Vice President and Group President, Commercial Solutions and Services since 2006. Ms. Vezina had been with Electronic Data Systems from 1985 to 2003, commencing as a system engineer and then taking on various roles with increasing responsibility. Ms. Vezina is a seasoned executive with over 30 years of experience in IT services and Business Process Outsourcing and experience in company integration and global expansion.

    "Ann Vezina specializes in business process outsourcing and her expertise will be invaluable to our global business services, particularly our Concentrix business, in the coming years. We look forward to her contributions as a member of the SYNNEX Board of Directors," said Duane Zitzner, Chairman of the SYNNEX Corporation Nominating and Corporate Governance Committee. Kevin Murai, President and Chief Executive Officer of SYNNEX Corporation, added, "Ann's expertise in growing a BPO business and her particular expertise in human resources provides an important perspective as we build our business to succeed in a complex global environment."

    Ms. Vezina received her Bachelor of Business Administration from Central Michigan University.

    About SYNNEX Corporation
    SYNNEX Corporation , a Fortune 500 corporation, is a leading business process services company, providing a comprehensive range of distribution, logistics and integration services for the technology industry and providing outsourced services focused on customer engagement strategy to a broad range of enterprises. SYNNEX distributes a broad range of information technology systems and products, and also provides systems design and integration solutions. Concentrix, a wholly-owned subsidiary of SYNNEX Corporation, offers a portfolio of strategic solutions and end-to-end business services around customer engagement strategy, process optimization, technology innovation, front and back-office automation and business transformation to clients in ten identified industry verticals. Founded in 1980, SYNNEX Corporation operates in numerous countries throughout North and South America, Asia-Pacific and Europe. Additional information about SYNNEX may be found online at www.synnex.com.

    Safe Harbor Statement
    Statements in this release that are forward-looking, such as anticipated contributions to the Company and the Board of Directors, involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to be materially different from any future performance that may be suggested in this release. The Company assumes no obligation to update any forward-looking statements contained in this release.

    Copyright 2017 SYNNEX Corporation. All rights reserved. SYNNEX, the SYNNEX Logo, CONCENTRIX, and all other SYNNEX company, product and services names and slogans are trademarks or registered trademarks of SYNNEX Corporation. SYNNEX, the SYNNEX Logo and CONCENTRIX Reg. U.S. Pat. & Tm. Off. Other names and marks are the property of their respective owners.

    SNX-F

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ann-vezina-appointed-to-the-synnex-corporation-board-of-directors-300400786.html

    Photo: http://mma.prnewswire.com/media/453134/SYNNEX_Corporation_Logo.jpg SYNNEX Corporation

    Web site: http://www.synnex.com/




    KLA-Tencor Announces Upcoming Investor Presentation

    MILPITAS, Calif., Feb. 1, 2017 /PRNewswire/ -- KLA-Tencor Corporation , the world's leading supplier of process control and yield management solutions for the semiconductor and related nanoelectronics industries, today announced that a live audio webcast of the following company presentation will be available as described below:

    --  Goldman Sachs 2017 Annual Technology and Internet Conference on
    Wednesday, Feb. 15, 2017 at 11:00 a.m. PT
    

    Logo - http://photos.prnewswire.com/prnh/20140123/SF50413LOGO

    The live webcast will be available on the Investor Relations page of KLA-Tencor's website at http://ir.kla-tencor.com/, and a replay of the webcast will remain available on KLA-Tencor's Investor Relations web page for 30 days following the webcast.

    About KLA-Tencor:
    KLA-Tencor Corporation, a leading provider of process control and yield management solutions, partners with customers around the world to develop state-of-the-art inspection and metrology technologies. These technologies serve the semiconductor, LED, and other related nanoelectronics industries. With a portfolio of industry-standard products and a team of world-class engineers and scientists, the company has created superior solutions for its customers for 40 years. Headquartered in Milpitas, Calif., KLA-Tencor has dedicated customer operations and service centers around the world. Additional information may be found at www.kla-tencor.com. (KLAC-F)

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/kla-tencor-announces-upcoming-investor-presentation-300400797.html

    Photo: http://photos.prnewswire.com/prnh/20140123/SF50413LOGO KLA-Tencor Corporation

    CONTACT: Investor Relations: Ed Lockwood, Sr. Director, Investor
    Relations, (408) 875-9529, ed.lockwood@kla-tencor.com; Media Relations:
    Becky Howland, Ph.D., Sr. Director, Corporate Communications, (408)
    875-9350, becky.howland@kla-tencor.com

    Web site: http://www.kla-tencor.com/




    H&R Block with IBM Watson Reinventing Tax Preparation

    From the Cloud to the Tax Desk, Watson to Help Tax Pros Maximize Tax Outcomes

    KANSAS CITY, Mo. and NEW YORK, Feb. 1, 2017 /PRNewswire/ -- H&R Block, Inc. is reinventing the category it founded more than 60 years ago by introducing a new, exclusive, consumer-facing experience that incorporates IBM Watson . The technology will be used by H&R Block's tax professionals this tax season to help deliver the best outcome for each unique tax situation, while helping clients better understand how different filing options can impact their tax outcome.

    The collaboration between H&R Block and IBM represents the first time Watson will be applied to tax preparation, enabling millions of filers to benefit from the industry-leading expertise of H&R Block's tax professionals, who will now partner with Watson to improve the client experience and aid in identifying credits and deductions.

    "We are introducing something this tax season that is totally new, and is in fact, a first in the tax preparation category," said Bill Cobb, H&R Block's president and chief executive officer. "By combining the human expertise, knowledge and judgment of our tax professionals with the cutting-edge cognitive computing power of Watson, we are creating a future where our clients will benefit from an enhanced experience and our tax pros will have the latest technology to help them ensure every deduction and credit is found. This partnership with Watson means we can leverage the best technology available to help our clients get their taxes won."

    The field of tax preparation involves massive volumes of data, including a federal tax code with more than 74,000 pages and thousands of yearly tax law changes, all of which impacts a client's tax outcome. As part of the first phase of the collaboration, H&R Block and IBM development teams trained Watson in the language of tax, first applying the technology to the thousands of questions and topics discussed during the return filing process.

    The result is a new cognitive experience for filers offered for the first time this tax season at H&R Block retail locations. The solution uses cloud-based Watson services to understand context, interpret intent and draw connections between clients' statements and relevant areas of their return.

    H&R Block tax professionals can then identify additional areas of possible tax implications in order to maximize client refunds or reduce their tax liabilities. The client can follow along with the tax professional on a dedicated client companion screen that brings to life key focus areas for deductions, making the preparation process more engaging and transparent.

    "IBM has shown how complex, data-rich industries such as healthcare, retail and education are being transformed through the use of Watson. Now with H&R Block, we're applying the power of cognitive computing in an entirely new way that everyone can relate to and benefit from - the tax prep process," said David Kenny, senior vice president, IBM Watson and Cloud Platform. "We're excited to see H&R Block's tax professionals, leaders in their field, join their expertise with Watson to enhance the client experience and help millions of individuals file their returns during tax season."

    The partnership with H&R Block in a new industry domain for IBM puts Watson on track to reach more than a billion people around the world by the end of 2017 as the technology is increasingly used to help professionals derive insights and support human decision-making. Organizations are using their data to set themselves apart from competitors. For example, in applying Watson to tax, H&R Block is not just tapping into leading technology, it's also maximizing its competitiveness - its own company insights, amassed over 60-plus years of preparing hundreds of millions of returns combined with new insights gained by using Watson. As Watson learns more about navigating the tax code from H&R Block tax professionals, those learnings will stay with H&R Block and improve the value it delivers to tax filers. Watson's initial training was validated by H&R Block tax experts and the initial corpus will expand over time through each subsequent tax season. During the next phase, H&R Block tax professionals will work with IBM to continue teaching Watson all about tax and apply the technology to innovate in other areas of their business.

    Since 1955 H&R Block has filed more than 720 million returns, amassing deep insights that inform their recommendations to filers. H&R Block's approach to tax preparation is rooted in a commitment to securing the maximum refund each client can earn. Doing so means avoiding a check-the-box approach, which can often lead to missed deductions or filing an inaccurate return.

    H&R Block with Watson commercial to run during 1(st) Quarter of Super Bowl
    H&R Block will highlight this new offering with the company's first Super Bowl commercial since 2009.

    "This partnership with IBM to apply Watson represents a huge innovation in the tax preparation industry," said Kathy Collins, H&R Block's chief marketing and strategy officer. "We are launching it on the biggest stage - the Super Bowl - to ask consumers to rethink their current tax preparation method, and question whether they got back everything they deserved. We know there is nothing more important than optimizing their outcome - or, in other words - getting their taxes won."

    H&R Block's new proprietary client experience with Watson is available only at H&R Block retail locations beginning Sunday, February 5.

    About H&R Block
    H&R Block, Inc. is a global consumer tax services provider. Tax return preparation services are provided by professional tax preparers in approximately 12,000 company-owned and franchise retail tax offices worldwide, and through H&R Block tax software products for the DIY consumer. H&R Block also offers adjacent Tax Plus products and services. In fiscal 2016, H&R Block had annual revenues of over $3 billion with 23.2 million tax returns prepared worldwide. For more information, visit the H&R Block Newsroom.

    About IBM Watson: Pioneering a New Era of Computing
    Watson represents a new era in computing called cognitive computing, where systems understand the world in a way more similar to humans: through senses, learning, and experience. Watson continuously learns from previous interactions, gaining in value and knowledge over time. With the help of Watson, organizations are harnessing the power of cognitive computing to transform industries, help professionals do their jobs better, and solve important challenges.

    As part of IBM's strategy to accelerate the growth of cognitive computing, Watson is open to the world, allowing a growing community of developers, students, entrepreneurs and tech enthusiasts to easily tap into the most advanced and diverse cognitive computing platform available today. Watson solutions are being built, used and deployed in more than 45 countries and across 20 different industries.

    For more information on IBM Watson, visit: ibm.com/Watson and ibm.com/press/watson. Join the conversation at #ibmwatson.

    Contact: Gene King Katy Rosati H&R Block IBM Media Relations gene.king@hrblock.com krosati@us.ibm.com 816-854-4672 917-421-7543

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/hr-block-with-ibm-watson-reinventing-tax-preparation-300400914.html

    Video: https://www.youtube.com/watch?v=pVK5UeimatQ Photo: http://mma.prnewswire.com/media/464002/IBM_Watson_and_H_and_R_Block_Tax_Pro.jpg
    http://mma.prnewswire.com/media/95470/ibm_logo.jpg IBM



    Customer Experience (CX) Solutions Provider McorpCX, Inc. Appoints New Director to its Board

    SAN FRANCISCO, Feb. 1, 2017 /PRNewswire/ - Customer experience solutions and software company McorpCX, Inc. ("McorpCX" or the "Company") is pleased to announce the appointment of Graham Clark to its board of directors (the "Board") in its push to establish McorpCX as an emerging player in Customer Experience (CX) Software.

    Mr. Clark has held executive management positions with global IT companies including NIIT Technologies and Mphasis. He is a recognized digital customer experience thought leader in how digital technologies influence and drive 'Digital Operating Models' and 'digital first but not digital only multichannel experiences'. The Board believes his background will provide valuable insights that will assist it in overseeing the Company's business strategy which includes identifying technology and Customer Experience (CX) software driven opportunities.

    Regarding his board appointment Clark said, "I am excited to be joining the McorpCX board, and will be focusing my efforts on continuing to grow the company's footprint with Fortune 100 and 1000 customers, as we deliver best in class Customer Experience (CX) Software-as-a-Service (SaaS) and cloud based solutions to the market. Not dissimilar to companies like Medallia, I think there is big opportunity for McorpCX to leverage the success it's already had with global brands like lululemon and Microsoft, and it's consulting platform."

    McorpCX CEO Michael Hinshaw commented, "We believe adding experienced directors like Graham to our Board will help guide the Company's management as we work towards carving out our own niche within the large Global Customer Experience Management (CEM) market, which according to marketsandmarkets is estimated to grow from USD 5.06 Billion in 2016 to USD 13.18 Billion by 2021."

    The Company also announced that Hugh Rogers has given notice to the Board that he has resigned, effective immediately, as a director of the Company. The Company wishes to thank Mr. Rogers for his contribution and wishes him all the best in his future endeavors.

    About McorpCX

    McorpCX (http://mcorp.cx) is a leading customer experience services company targeting and delivering its consulting and technology solutions into the Global Customer Experience Management (CEM) market estimated by marketsandmarkets to grow from USD 5.06 Billion in 2016 to USD 13.18 Billion by 2021, at a compound annual growth rate of 21.1%. McorpCX customers range from Fortune 100 brands to fast-moving mid-market leaders and other customer-centric companies. McorpCX | Insights, our signature product and approach to quantifying customer experience, is designed to automatically map the complex, cross-channel maze of touchpoints that drive customer experience. A pioneer in the fast-growing customer experience services and technology sector, our proprietary approach and cloud-based software is designed to deliver actionable data and on-demand "Voice-of-the-Customer" insights that are intended to dramatically improve customer experience, brand position, customer and employee satisfaction, loyalty and engagement for leaders in financial services, retail, technology, consumer products, and other industries.

    Forward-Looking Statements

    Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of the United States securities laws and applicable Canadian securities legislation. These statements are, in effect, management's attempt to predict future events, and thus are subject to various risks and uncertainties. Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. All statements, other than statements of historical fact, regarding our financial position, business strategy and management's plans and objectives for future operations are forward-looking statements. When used in this press release, the words "anticipate," "believe," "estimate," "expect," and "intend" and words or phrases of similar meaning, as they relate to the Company and its management are intended to help identify forward-looking statements. Although we believe that management's expectations as reflected in forward-looking statements are reasonable, we cannot assure readers that those expectations will prove to be correct. Forward-looking statements include statements relating to the Company's business and operations as well as the anticipated growth Global Customer Experience Management (CEM) market. Such statements involve assumptions relating to the Company's business, the ability of the Company to execute on its business plan, the competitive environment of the Company's products and services and the future development and pricing of the Company's products and services. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results to be materially different from any future results expressed or implied by these statements. Such factors include the following: general economic and business conditions, changes in demand for the Company's products and services, changes in the competitive environment and the introduction of competing software solutions by competitors, the Company's ability to complete any future required financing and the Company's dependence upon and availability of qualified personnel. Investors should refer to the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for a more comprehensive discussion of the risks that are material to the Company and its business. In light of these and other uncertainties, the forward-looking statements included in this press release should not be regarded as a representation by the Company that its plans and objectives will be achieved. These forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update or revise the statements.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    McorpCX, Inc.

    CONTACT: General Information: 1-866-526-2655 toll free in the U.S., or
    +1-415-526-2655, Investors: ir@mcorp.cx, Website: http://mcorp.cx, Twitter:
    @McorpCX (https://twitter.com/mcorpcx)

    Web site: www.mcorp.cx/




    H&R Block with IBM Watson Reinventing Tax Preparation

    From the Cloud to the Tax Desk, Watson to Help Tax Pros Maximize Tax Outcomes

    KANSAS CITY, Missouri and NEW YORK, Feb. 1, 2017 /PRNewswire/ -- H&R Block, Inc. is reinventing the category it founded more than 60 years ago by introducing a new, exclusive, consumer-facing experience [http://content.presspage.com/uploads/1475/filename.mp4?10000] that incorporates IBM Watson . The technology will be used by H&R Block's tax professionals this tax season to help deliver the best outcome for each unique tax situation, while helping clients better understand how different filing options can impact their tax outcome.

    Video - https://www.youtube.com/watch?v=pVK5UeimatQ [https://www.youtube.com/watch?v=pVK5UeimatQ]
    Photo - http://mma.prnewswire.com/media/464002/IBM_Watson_and_H_and_R_Block_Tax_Pro.jpg [http://mma.prnewswire.com/media/464002/IBM_Watson_and_H_and_R_Block_Tax_Pro.jpg]
    Logo - http://mma.prnewswire.com/media/95470/ibm_logo.jpg [http://mma.prnewswire.com/media/95470/ibm_logo.jpg]

    The collaboration between H&R Block and IBM represents the first time Watson will be applied to tax preparation, enabling millions of filers to benefit from the industry-leading expertise of H&R Block's tax professionals, who will now partner with Watson to improve the client experience and aid in identifying credits and deductions.

    "We are introducing something this tax season that is totally new, and is in fact, a first in the tax preparation category," said Bill Cobb, H&R Block's president and chief executive officer. "By combining the human expertise, knowledge and judgment of our tax professionals with the cutting-edge cognitive computing power of Watson, we are creating a future where our clients will benefit from an enhanced experience and our tax pros will have the latest technology to help them ensure every deduction and credit is found. This partnership with Watson means we can leverage the best technology available to help our clients get their taxes won."

    The field of tax preparation involves massive volumes of data, including a federal tax code with more than 74,000 pages and thousands of yearly tax law changes, all of which impacts a client's tax outcome. As part of the first phase of the collaboration, H&R Block and IBM development teams trained Watson in the language of tax, first applying the technology to the thousands of questions and topics discussed during the return filing process.

    The result is a new cognitive experience for filers offered for the first time this tax season at H&R Block retail locations. The solution uses cloud-based Watson services to understand context, interpret intent and draw connections between clients' statements and relevant areas of their return.

    H&R Block tax professionals can then identify additional areas of possible tax implications in order to maximize client refunds or reduce their tax liabilities. The client can follow along with the tax professional on a dedicated client companion screen that brings to life key focus areas for deductions, making the preparation process more engaging and transparent.

    "IBM has shown how complex, data-rich industries such as healthcare, retail and education are being transformed through the use of Watson. Now with H&R Block, we're applying the power of cognitive computing in an entirely new way that everyone can relate to and benefit from - the tax prep process," said David Kenny, senior vice president, IBM Watson and Cloud Platform. "We're excited to see H&R Block's tax professionals, leaders in their field, join their expertise with Watson to enhance the client experience and help millions of individuals file their returns during tax season."

    The partnership with H&R Block in a new industry domain for IBM puts Watson on track to reach more than a billion people around the world by the end of 2017 as the technology is increasingly used to help professionals derive insights and support human decision-making. Organizations are using their data to set themselves apart from competitors. For example, in applying Watson to tax, H&R Block is not just tapping into leading technology, it's also maximizing its competitiveness - its own company insights, amassed over 60-plus years of preparing hundreds of millions of returns combined with new insights gained by using Watson. As Watson learns more about navigating the tax code from H&R Block tax professionals, those learnings will stay with H&R Block and improve the value it delivers to tax filers. Watson's initial training was validated by H&R Block tax experts and the initial corpus will expand over time through each subsequent tax season. During the next phase, H&R Block tax professionals will work with IBM to continue teaching Watson all about tax and apply the technology to innovate in other areas of their business.

    Since 1955 H&R Block has filed more than 720 million returns, amassing deep insights that inform their recommendations to filers. H&R Block's approach to tax preparation is rooted in a commitment to securing the maximum refund each client can earn. Doing so means avoiding a check-the-box approach, which can often lead to missed deductions or filing an inaccurate return.

    H&R Block with Watson commercial to run during 1(st) Quarter of Super Bowl
    H&R Block will highlight this new offering with the company's first Super Bowl commercial since 2009.

    "This partnership with IBM to apply Watson represents a huge innovation in the tax preparation industry," said Kathy Collins, H&R Block's chief marketing and strategy officer. "We are launching it on the biggest stage - the Super Bowl - to ask consumers to rethink their current tax preparation method, and question whether they got back everything they deserved. We know there is nothing more important than optimizing their outcome - or, in other words - getting their taxes won."

    H&R Block's new proprietary client experience with Watson is available only at H&R Block retail locations beginning Sunday, February 5.

    About H&R Block
    H&R Block, Inc. is a global consumer tax services provider. Tax return preparation [https://www.hrblock.com/tax-offices/] services are provided by professional tax preparers in approximately 12,000 company-owned and franchise retail tax offices [https://www.hrblock.com/tax-offices/local-offices/#!/en/office-locator?src=nearest-other%20appt] worldwide, and through H&R Block tax software products [https://www.hrblock.com/tax-software/] for the DIY consumer. H&R Block also offers adjacent Tax Plus products and services. In fiscal 2016, H&R Block had annual revenues of over $3 billion with 23.2 million tax returns prepared worldwide. For more information, visit the H&R Block Newsroom [http://newsroom.hrblock.com/].

    About IBM Watson: Pioneering a New Era of Computing
    Watson represents a new era in computing called cognitive computing, where systems understand the world in a way more similar to humans: through senses, learning, and experience. Watson continuously learns from previous interactions, gaining in value and knowledge over time. With the help of Watson, organizations are harnessing the power of cognitive computing to transform industries, help professionals do their jobs better, and solve important challenges.

    As part of IBM's strategy to accelerate the growth of cognitive computing, Watson is open to the world, allowing a growing community of developers, students, entrepreneurs and tech enthusiasts to easily tap into the most advanced and diverse cognitive computing platform available today. Watson solutions are being built, used and deployed in more than 45 countries and across 20 different industries.

    For more information on IBM Watson, visit: ibm.com/Watson [https://www.ibm.com/watson/] and ibm.com/press/watson [https://urldefense.proofpoint.com/v2/url?u=http-3A__ibm.com_press_watson&d=DwMFaQ&c=z3YRXp_fnPudmcY85anqWQ&r=Ogny_fgqBA_cSdVzu1IEo4B8-14Sfn9vBFaj2tJK7TE&m=2Oo1Lw5HmKJYFgT9NzTCd46dWYcDro8uPnZDec_kiNg&s=2TUuO2e17gW4s-7VQNBBNKlZt_KJKmeRu_Qi0Uf1it4&e=]. Join the conversation at #ibmwatson.

    Contact: Gene King Katy Rosati H&R Block IBM Media Relations gene.king@hrblock.com krosati@us.ibm.com 816-854-4672 917-421-7543

    http://mma.prnewswire.com/media/95470/ibm_logo.jpg [http://mma.prnewswire.com/media/95470/ibm_logo.jpg]

    Video: https://www.youtube.com/watch?v=pVK5UeimatQ Photo: http://mma.prnewswire.com/media/95470/ibm_logo.jpg
    http://mma.prnewswire.com/media/464002/IBM_Watson_and_H_and_R_Block_Tax_Pro.jpg
    http://mma.prnewswire.com/media/95470/ibm_logo.jpg IBM



    FlexShopper Reports Preliminary Unaudited 2016 Revenues And Lease OriginationsLeading Online Lease-to-Own Retailer Posts Significant Year-over-Year Growth in Revenues and Lease Originations

    BOCA RATON, Fla., Feb. 1, 2017 /PRNewswire/ -- FlexShopper, Inc. , a leading national online lease-to-own ("LTO") retailer and LTO payment solution provider, anticipates the following preliminary financial results for the year ended December 31, 2016:

    --  Total revenues increased from $20.7 million in 2015 to approximately
    $48.0 million in 2016, a 130% increase.
    --  Lease originations increased from 39,565 in 2015 to approximately 75,000
    in 2016, a 90% increase.
    

    "We are very pleased with these results, as they signify our continued accelerated pace of growth, both in lease originations and our ecommerce business," said Brad Bernstein, FlexShopper CEO. "Our unique lease-to-own marketplace, with over 85,000 SKUs from top brands, continues to resonate strongly with consumers who don't have good credit or cash and desire an online option to acquire durable goods versus the traditional store-based lease-to-own model. We are very proud of all of our departments and our technology platform that met the holiday demand with efficiency and speed. In addition, in 2016 we automated certain order management processes that made the Company less dependent on human capital. We continue to execute on our strategy of scaling the business, increasing back-end efficiencies and maintaining lease portfolio vintage performance."

    Bernstein added, "We are very excited about 2017 for growth in all of our sales channels, including our lease-to-own (LTO) payment method technology for other e-retailers. In connection with increasing e-retailers' adoption of our LTO payment method, we are pleased to announce that Cornell Caldwell recently joined the FlexShopper team as Vice President of Strategic Partnerships. Mr. Caldwell has extensive experience securing B2B partnerships, particularly with e-retailers. Prior to FlexShopper, Mr. Caldwell had senior business development roles at ShopRunner, Paypal and HSBC."

    FlexShopper cautions that its actual results for the year ended December 31, 2016 may differ from the preliminary results shown above. Moreover, FlexShopper cautions that it has not finalized its financial statement reporting process for the year ended December 31, 2016. The information in this press release is preliminary and based upon information currently available to FlexShopper. During the course of FlexShopper's financial statement reporting process, items may be identified that would require FlexShopper to make adjustments that may be material, and, as a result, the preliminary unaudited financial results included in this press release are forward-looking information and are subject to change. FlexShopper will release detailed financial results for the quarter and year ended December 31, 2016 in March 2017.

    About FlexShopper
    FlexShopper, LLC, a wholly owned subsidiary of FlexShopper, Inc. , is a financial and technology company that provides brand name electronics, home furnishings and other durable goods to consumers on a lease-to-own ("LTO") basis through its ecommerce marketplace (www.FlexShopper.com) and patent pending LTO payment method. FlexShopper also provides LTO technology platforms to retailers and e-retailers to facilitate transactions with consumers that want to acquire their products, but do not have sufficient cash or credit. FlexShopper approves consumers utilizing its proprietary consumer screening model, collects from consumers under an LTO contract and funds the LTO transactions by paying merchants for the goods. Follow us on Facebook or Twitter @FlexShopper.

    Forward-Looking Statements
    Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995. Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "estimate," "anticipate" or other comparable terms. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expected future operating results and anticipated results of our sales and marketing efforts. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements as a result of various factors, including those risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

    IR Contacts:
    FlexShopper, Inc.
    Investor Relations
    ir@flexshopper.com

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/flexshopper-reports-preliminary-unaudited-2016-revenues-and-lease-originations-300400904.html

    Photo: http://mma.prnewswire.com/media/464038/FlexShopper_Inc_Logo.jpg FlexShopper, Inc.

    Web site: http://www.flexshopper.com/




    Hill-Rom to Participate in the Leerink Partners 6th Annual Global Healthcare Conference

    CHICAGO, Feb. 1, 2017 /PRNewswire/ -- Hill-Rom Holdings, Inc., announced today that management will participate in the Leerink Partners 6(th) Annual Global Healthcare Conference on Thursday, February 16, 2017, in New York.

    The live audio webcast can be accessed at http://ir.hill-rom.com/events.cfm. A recorded replay will be available one hour after conclusion of the live event through May 17, 2017.

    ABOUT HILL-ROM HOLDINGS, INC.
    Hill-Rom is a leading global medical technology company with more than 10,000 employees worldwide. We partner with health care providers in more than 100 countries by focusing on patient care solutions that improve clinical and economic outcomes in five core areas: Advancing Mobility, Wound Care and Prevention, Patient Monitoring and Diagnostics, Surgical Safety and Efficiency and Respiratory Health. Around the world, Hill-Rom's people, products, and programs work towards one mission: Every day, around the world, we enhance outcomes for patients and their caregivers. Visit www.hill-rom.com for more information.

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/hill-rom-to-participate-in-the-leerink-partners-6th-annual-global-healthcare-conference-300396372.html

    Photo: http://mma.prnewswire.com/media/371037/hill_rom_holdings__inc__logo.jpg Hill-Rom Holdings, Inc.

    CONTACT: Investor Relations: MARY Kay Ladone, Vice President Investor
    Relations, Phone: 312-819-9387,Email: marykay.ladone@hill-rom.com; Media:
    Howard Karesh, Vice President, Corporate Communications, Phone:
    312-819-7268, Email: howard.karesh@hill-rom.com

    Web site: http://www.hill-rom.com/




    Nimble Storage to Announce Fourth Quarter 2017 Financial Results on March 7, 2017

    SAN JOSE, Calif., Feb. 1, 2017 /PRNewswire/ -- Nimble Storage , the leader in predictive flash storage, will report results for its fiscal fourth quarter on Tuesday, March 7, 2017. The results will be included in a press release with accompanying financial information and Shareholder Letter that will be released after market close and posted on the Nimble Storage Investor Relations website.

    Nimble Storage management will host a conference call and live webcast beginning at 2:00 p.m. PT (5:00 p.m. ET) to discuss the Company's financial results and business highlights. Interested parties may access the call by dialing (877) 719-9801 in the U.S. or (719) 325-4762 from international locations. In addition, a live audio webcast of the conference call will be available on the Nimble Storage Investor Relations website at http://investors.nimblestorage.com.

    A replay of the audio webcast will be available on the Nimble Storage Investor Relations website for 45 days.

    Nimble Storage Resources

    --  Nimble Storage Website
    --  Case Studies and Videos
    --  Follow Nimble Storage on Twitter: @NimbleStorage
    --  Follow Nimble Storage on LinkedIn
    --  Visit Nimble Storage on Facebook
    --  Visit the NimbleConnect Community
    

    About Nimble Storage

    Nimble Storage is the leader in predictive flash storage solutions. Nimble offers a predictive flash platform that gives users one of the industry's fastest and the most reliable access to data. By combining predictive analytics with flash storage, IT teams radically simplify their operations. More than 9,450 customers across 50 countries rely on Nimble to power their businesses, on-premise and in the cloud. For more information, visit www.nimblestorage.com and follow us on Twitter: @nimblestorage.

    Nimble Storage, the Nimble Storage logo, CASL, InfoSight, SmartStack, Timeless Storage, Data Velocity Delivered, Unified Flash Fabric and NimbleConnect are trademarks or registered trademarks of Nimble Storage, Inc. Other trade names or words used in this document are the properties of their respective owners.

    Media Contact:
    Kristalle Cooks
    408-514-3313
    Kristalle@nimblestorage.com

    Investor Relations Contact:
    Elaine Gaudioso
    408-240-8276
    IR@nimblestorage.com

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nimble-storage-to-announce-fourth-quarter-2017-financial-results-on-march-7-2017-300399633.html

    Nimble Storage

    Web site: http://www.nimblestorage.com/




    Cadence Reports Fourth Quarter and Fiscal Year 2016 Financial Results

    SAN JOSE, Calif., Feb. 1, 2017 /PRNewswire/ -- Cadence Design Systems, Inc. today announced results for the fourth quarter and fiscal year 2016.

    Cadence reported fourth quarter 2016 revenue of $469 million, compared to revenue of $441 million reported for the same period in 2015. On a GAAP basis, Cadence recognized net income of $38 million, or $0.14 per share on a diluted basis, in the fourth quarter of 2016, compared to net income of $80 million, or $0.26 per share on a diluted basis, for the same period in 2015. Revenue for 2016 totaled $1.816 billion, compared to revenue of $1.702 billion for 2015. Net income for 2016 was $203 million, or $0.70 per share on a diluted basis, compared to net income of $252 million, or $0.81 per share on a diluted basis for 2015.

    Using the non-GAAP measure defined below, net income in the fourth quarter of 2016 was $95 million, or $0.34 per share on a diluted basis, as compared to net income of $95 million, or $0.31 per share on a diluted basis, for the same period in 2015. For 2016, non-GAAP net income was $351 million, or $1.21 per share on a diluted basis, compared to non-GAAP net income of $341 million, or $1.09 per share on a diluted basis, in 2015.

    "Through focus on innovation and execution, Cadence again delivered strong results for both the fourth quarter and fiscal 2016. Core EDA is foundational to our System Design Enablement (SDE) strategy, and digital and signoff revenue grew 9 percent for the year on strong customer adoption, while in System Integration, Palladium((R)) Z1 had a phenomenal year with hardware revenue surging to a record high," said Lip-Bu Tan, president and chief executive officer. "SDE is expanding our reach with systems companies and into segments like automotive, aerospace and defense, where we had key wins with important customers in 2016."

    "Cadence continued to deliver consistent, predictable financial results in 2016 with operating cash flow generation a standout at $445 million, up 18 percent over 2015," said Geoff Ribar, senior vice president and chief financial officer. "I am especially proud of the quality of our balance sheet. In the fourth quarter we completed our $1.2 billion stock repurchase program, cumulatively repurchasing 52 million shares representing approximately 18 percent of shares outstanding as of July 4, 2015. This week, we replaced our December 2012 senior credit facility, increasing our borrowing capacity and extending the term; and we maintain an investment grade rating for our outstanding public debt."

    On January 30, 2017, Cadence entered into a new $350 million five year senior unsecured revolving credit facility with a group of lenders, which replaces the December 2012 senior credit facility.

    On January 30, 2017, the Board of Directors of Cadence authorized the repurchase of $525 million of Cadence common stock. The actual timing and amount of repurchases will be subject to business and market conditions, corporate and regulatory requirements, acquisition opportunities and other factors.

    CFO Commentary

    Commentary on the fourth quarter and fiscal year 2016 financial results by Geoff Ribar, senior vice president and chief financial officer, is available at www.cadence.com/cadence/investor_relations.

    Business Outlook

    For the first quarter of 2017, the company expects total revenue in the range of $470 million to $480 million. First quarter GAAP net income per diluted share is expected to be in the range of $0.19 to $0.21. Net income per diluted share using the non-GAAP measure defined below is expected to be in the range of $0.30 to $0.32.

    For 2017, the company expects total revenue in the range of $1.900 billion to $1.950 billion. On a GAAP basis, net income per diluted share for 2017 is expected to be in the range of $0.89 to $0.99. Using the non-GAAP measure defined below, net income per diluted share for 2017 is expected to be in the range of $1.32 to $1.42.

    A schedule showing a reconciliation of the business outlook from GAAP net income and diluted net income per share to non-GAAP net income and diluted net income per share is included in this release.

    Audio Webcast Scheduled

    Lip-Bu Tan, president and chief executive officer, and Geoff Ribar, senior vice president and chief financial officer, will host a fourth quarter and fiscal year 2016 financial results audio webcast today, February 1, 2017, at 2 p.m. (Pacific) / 5 p.m. (Eastern). Attendees are asked to register at the website at least 10 minutes prior to the scheduled webcast. An archive of the webcast will be available starting February 1, 2017 at 5 p.m. (Pacific) and ending March 17, 2017 at 5 p.m. (Pacific). Webcast access is available at www.cadence.com/cadence/investor_relations.

    About Cadence

    Cadence enables global electronic design innovation and plays an essential role in the creation of today's integrated circuits and electronics. Customers use Cadence((R)) software, hardware, IP, and services to design and verify advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems. The company is headquartered in San Jose, California, with sales offices, design centers, and research facilities around the world to serve the global electronics industry. More information about the company and its products and services is available at www.cadence.com.

    Cadence, the Cadence logo and Palladium are trademarks or registered trademarks of Cadence Design Systems, Inc. All other trademarks are the property of their respective owners.

    The statements contained above regarding Cadence's fourth quarter and fiscal year 2016 financial results and authorization to repurchase shares of its common stock, as well as the information in the Business Outlook section, are or include forward-looking statements based on current expectations or beliefs and preliminary assumptions about future events that are subject to factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside Cadence's control, including, among others: (i) Cadence's ability to compete successfully in the electronic design automation product and the commercial electronic design and methodology services industries; (ii) the success of Cadence's efforts to improve operational efficiency and growth; (iii) the mix of products and services sold and the timing of significant orders for Cadence's products; (iv) change in customer demands, including those resulting from consolidation among Cadence's customers and the possibility that the restructurings and other efforts to improve operational efficiency of Cadence's customers could result in delays in purchases of Cadence's products and services; (v) economic and industry conditions in regions in which Cadence does business; (vi) fluctuations in rates of exchange between the U.S. dollar and the currencies of other countries in which Cadence does business; (vii) capital expenditure requirements, legislative or regulatory requirements, interest rates and Cadence's ability to access capital and debt markets; (viii) the acquisition of other companies or technologies or the failure to successfully integrate and operate these companies or technologies Cadence acquires, including the potential inability to retain customers, key employees or vendors; (ix) the effects of Cadence's efforts to improve operational efficiency in its business, including strategic, customer and supplier relationships, and its ability to retain key employees; (x) events that affect the reserves or settlement assumptions Cadence may take from time to time with respect to accounts receivable, taxes, litigation or other matters; and (xi) the effects of any litigation or other proceedings to which Cadence is or may become a party.

    For a detailed discussion of these and other cautionary statements related to Cadence's business, please refer to Cadence's filings with the U.S. Securities and Exchange Commission, which include Cadence's most recent reports on Form 10-K and Form 10-Q, including Cadence's future filings.

    GAAP to Non-GAAP Reconciliation

    Non-GAAP financial measures should not be considered as a substitute for or superior to measures of financial performance prepared in accordance with generally accepted accounting principles, or GAAP. Investors are encouraged to review the reconciliation of non-GAAP financial measures contained within this press release with their most directly comparable GAAP financial results. Investors are also encouraged to look at the GAAP results as the best measure of financial performance.

    To supplement Cadence's financial results presented on a GAAP basis, Cadence management uses non-GAAP measures that it believes are helpful in understanding Cadence's performance. One such measure is non-GAAP net income, which is a financial measure not calculated under GAAP. Non-GAAP net income is calculated by Cadence management by taking GAAP net income and excluding, as applicable, amortization of intangible assets and debt discount related to convertible notes, stock-based compensation expense, acquisition and integration-related costs including retention expenses, special charges (comprised of executive severance costs), investment gains or losses, income or expenses related to Cadence's non-qualified deferred compensation plan, restructuring and other significant items not directly related to Cadence's core business operations, and the income tax effect of non-GAAP pre-tax adjustments.

    Cadence's management uses non-GAAP net income because it excludes items that are generally not directly related to the performance of the company's core business operations and therefore provides supplemental information to Cadence's management and investors regarding the performance of the business operations, facilitates comparisons to the historical operating results and allows the review of Cadence's business from the same perspective as Cadence's management, including forecasting and budgeting.

    The following tables reconcile the specific items excluded from GAAP net income and GAAP net income per diluted share in the calculation of non-GAAP net income and non-GAAP net income per diluted share for the periods shown below:

    Net Income Reconciliation Three Months Ended December 31, 2016 January 2, 2016 ----------------- --------------- (unaudited) (in thousands) Net income on a GAAP basis $38,477 $80,374 Amortization of acquired intangibles 14,474 15,826 Stock-based compensation expense 29,231 24,660 Non-qualified deferred compensation expenses 544 575 Restructuring and other charges 26,342 347 Acquisition and integration-related costs 1,433 1,596 Special charges* - 916 Other income or expense related to investments and non-qualified deferred compensation plan assets** (655) (579) Income tax effect of non- GAAP adjustments (14,672) (28,627) ------- ------- Net income on a non-GAAP basis $95,174 $95,088 ======= =======

    * Comprised of executive severance costs. ** Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on sale of investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.

    Net Income Reconciliation Years Ended December 31, 2016 January 2, 2016 ----------------- --------------- (unaudited) (in thousands) Net income on a GAAP basis $203,086 $252,417 Amortization of acquired intangibles 60,482 64,248 Stock-based compensation expense 109,217 92,341 Non-qualified deferred compensation expenses (credits) 1,741 (369) Restructuring and other charges 40,955 4,511 Acquisition and integration-related costs 11,268 7,975 Special charges* - 916 Amortization of debt discount on convertible notes - 7,496 Other income or expense related to investments and non-qualified deferred compensation plan assets** (4,672) (1,979) Income tax effect of non- GAAP adjustments (70,847) (86,650) ------- ------- Net income on a non-GAAP basis $351,230 $340,906 ======== ========

    * Comprised of executive severance costs. ** Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on sale of investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense.

    Diluted Net Income per Share Reconciliation Three Months Ended December 31, 2016 January 2, 2016 ----------------- --------------- (unaudited) (in thousands, except per share data) Diluted net income per share on a GAAP basis $0.14 $0.26 Amortization of acquired intangibles 0.05 0.05 Stock- based compensation expense 0.10 0.08 Non- qualified deferred compensation expenses - - Restructuring and other charges 0.09 - Acquisition and integration- related costs 0.01 0.01 Special charges* - - Other income plan or assets** expense related to investments and non- qualified deferred compensation - - Income tax effect of non- GAAP adjustments (0.05) (0.09) ----- ----- Diluted net income per share on a non- GAAP basis $0.34 $0.31 ===== ===== Shares used in calculation of diluted net income per share - GAAP*** 278,917 310,512 Shares used in calculation of diluted net income per share - non- GAAP*** 278,917 310,512

    * Comprised of executive severance costs. ** Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on sale of investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense. *** Shares used in the calculation of GAAP net income per share are expected to be the same as shares used in the calculation of non- GAAP net income per share, except when the company reports a GAAP net loss and non-GAAP net income, or GAAP net income and a non-GAAP net loss.

    Diluted Net Income per Share Reconciliation Years Ended December 31, 2016 January 2, 2016 ----------------- --------------- (unaudited) (in thousands, except per share data) Diluted net income per share on a GAAP basis $0.70 $0.81 Amortization of acquired intangibles 0.21 0.21 Stock- based compensation expense 0.37 0.30 Non- qualified deferred compensation expenses (credits) 0.01 - Restructuring and other charges 0.14 0.01 Acquisition and integration- related costs 0.04 0.03 Special charges* - - Amortization of debt discount on convertible notes - 0.02 Other income or expense related to investments and non- qualified deferred compensation plan assets** (0.02) (0.01) Income tax effect of non-GAAP adjustments (0.24) (0.28) ----- ----- Diluted net income per share on a non-GAAP basis $1.21 $1.09 ===== ===== Shares used in calculation of diluted net income per share -GAAP*** 291,256 312,302 Shares used in calculation of diluted net income per share - non- GAAP*** 291,256 312,302

    * Comprised of executive severance costs. ** Includes, as applicable, equity in losses or income from investments, write-down of investments, gains or losses on sale of investments and gains or losses on non-qualified deferred compensation plan assets recorded in other income or expense. *** Shares used in the calculation of GAAP net income per share are expected to be the same as shares used in the calculation of non- GAAP net income per share, except when the company reports a GAAP net loss and non-GAAP net income, or GAAP net income and a non-GAAP net loss.

    Cadence expects that its corporate representatives will meet privately during the quarter with investors, the media, investment analysts and others. At these meetings, Cadence may reiterate the business outlook published in this press release. At the same time, Cadence will keep this press release, including the business outlook, publicly available on its website.

    Prior to the start of the Quiet Period (described below), the public may continue to rely on the business outlook contained herein as still being Cadence's current expectations on matters covered unless Cadence publishes a notice stating otherwise.

    Beginning March 17, 2017, Cadence will observe a Quiet Period during which the business outlook as provided in this press release and the most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q no longer constitute the company's current expectations. During the Quiet Period, the business outlook in these documents should be considered historical, speaking as of prior to the Quiet Period only and not subject to any update by the company. During the Quiet Period, Cadence's representatives will not comment on Cadence's business outlook, financial results or expectations. The Quiet Period will extend until the day when Cadence's first quarter 2017 earnings release is published, which is currently scheduled for April 24, 2017.

    For more information, please contact:

    Investors and Shareholders
    Alan Lindstrom
    Cadence Design Systems, Inc.
    408-944-7100
    investor_relations@cadence.com

    Media and Industry Analysts
    Craig Cochran
    Cadence Design Systems, Inc.
    408-944-7039
    newsroom@cadence.com

    Cadence Design Systems, Inc. Condensed Consolidated Balance Sheets December 31, 2016 and January 2, 2016 (In thousands) (Unaudited) December 31, 2016 January 2, 2016 ----------------- --------------- Current assets: Cash and cash equivalents $465,232 $616,686 Short-term investments 3,057 94,498 Receivables, net 157,171 164,848 Inventories 39,475 56,762 Prepaid expenses and other 37,099 31,441 ------------------- Total current assets 702,034 964,235 Property, plant and equipment, net of accumulated depreciation of $612,961 and $581,345, respectively 238,607 228,599 Goodwill 572,764 551,772 Acquired intangibles, net of accumulated amortization of $267,723 and $216,589, respectively 258,814 296,482 Long-term receivables 12,949 4,498 Other assets 311,740 299,929 ------- Total assets $2,096,908 $2,345,515 ========== ========== Current liabilities: Revolving credit facility $50,000 $ - Accounts payable and accrued liabilities 239,496 238,022 Current portion of deferred revenue 296,066 298,285 ------------------- Total current liabilities 585,562 536,307 ------- ------- Long-term liabilities: Long-term portion of deferred revenue 66,769 30,209 Long-term debt 643,493 343,288 Other long-term liabilities 59,314 59,596 Total long-term liabilities 769,576 433,093 ------- ------- Stockholders' equity 741,770 1,376,115 Total liabilities and stockholders' equity $2,096,908 $2,345,515 ========== ==========

    Cadence Design Systems, Inc. Condensed Consolidated Income Statements For the Three Months and Years Ended December 31, 2016 and January 2, 2016 (In thousands, except per share amounts) (Unaudited) Three Months Ended Years Ended ------------------ ----------- December 31, January 2, December 31, January 2, 2016 2016 2016 2016 ---- ---- ---- ---- Revenue: Product and maintenance $436,694 $413,489 $1,683,771 $1,578,944 Services 32,286 27,590 132,312 123,147 ------ Total revenue 468,980 441,079 1,816,083 1,702,091 ------- ------- --------- --------- Costs and expenses: Cost of product and maintenance 57,410 40,679 183,291 155,659 Cost of services 18,638 20,223 73,201 82,794 Marketing and sales 98,091 103,552 395,194 402,432 Research and development 181,516 161,970 735,340 637,567 General and administrative 29,977 26,789 125,106 109,982 Amortization of acquired intangibles 3,889 5,679 18,095 23,716 Restructuring and other charges 26,342 347 40,955 4,511 ------ Total costs and expenses 415,863 359,239 1,571,182 1,416,661 ------- ------- --------- --------- Income from operations 53,117 81,840 244,901 285,430 Interest expense (6,364) (4,200) (23,670) (28,311) Other income, net 5,481 2,510 15,922 10,477 ----- Income before provision (benefit) for income taxes 52,234 80,150 237,153 267,596 Provision (benefit) for income taxes 13,757 (224) 34,067 15,179 ------ Net income $38,477 $80,374 $203,086 $252,417 ======= ======= ======== ======== Net income per share - basic $0.14 $0.27 $0.71 $0.88 ===== ===== ===== ===== Net income per share - diluted $0.14 $0.26 $0.70 $0.81 ===== ===== ===== ===== Weighted average common shares outstanding -basic 272,578 297,433 284,502 288,018 ======= ======= ======= ======= Weighted average common shares outstanding -diluted 278,917 310,512 291,256 312,302 ======= ======= ======= =======

    Cadence Design Systems, Inc. Condensed Consolidated Statements of Cash Flows For the Years Ended December 31, 2016 and January 2, 2016 (In thousands) (Unaudited) Years Ended ----------- December 31, January 2, 2016 2016 ---- ---- Cash and cash equivalents at beginning of year $616,686 $932,161 Cash flows from operating activities: Net income 203,086 252,417 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 119,588 118,165 Amortization of debt discount and fees 1,069 9,402 Stock-based compensation 109,217 92,341 Gain on investments, net (4,725) (2,124) Gain on sale of property, plant and equipment (923) - Deferred income taxes (4,869) (13,148) Other non-cash items 4,027 646 Changes in operating assets and liabilities, net of effect of acquired businesses: Receivables (3,299) (44,732) Inventories 4,934 (1,120) Prepaid expenses and other (6,903) (1,380) Other assets (6,566) (1,558) Accounts payable and accrued liabilities 2,655 15,321 Deferred revenue 30,742 (27,019) Other long-term liabilities (3,154) (19,011) Net cash provided by operating activities 444,879 378,200 ------- ------- Cash flows from investing activities: Purchases of available- for-sale securities (20,525) (96,531) Proceeds from the sale of available-for-sale securities 55,619 60,949 Proceeds from the maturity of available-for-sale securities 57,762 31,316 Proceeds from the sale of long-term investments 2,917 4,570 Proceeds from the sale of property, plant and equipment 923 - Purchases of property, plant and equipment (53,712) (44,808) Cash paid in business combinations and asset acquisitions, net of cash acquired (41,627) - Net cash provided by (used for) investing activities 1,357 (44,504) ----- ------- Cash flows from financing activities: Proceeds from term loan 300,000 - Proceeds from revolving credit facility 115,000 - Payment on revolving credit facility (65,000) - Payment of debt issuance costs (622) - Payment of convertible notes - (349,999) Payment of convertible notes embedded conversion derivative liability - (530,643) Proceeds from convertible notes hedges - 530,643 Excess tax benefits from stock-based compensation - 15,591 Proceeds from issuance of common stock 55,440 74,938 Stock received for payment of employee taxes on vesting of restricted stock (37,226) (33,651) Payments for repurchases of common stock (960,289) (333,189) Net cash used for financing activities (592,697) (626,310) -------- -------- Effect of exchange rate changes on cash and cash equivalents (4,993) (22,861) ------ ------- Decrease in cash and cash equivalents (151,454) (315,475) -------- -------- Cash and cash equivalents at end of year $465,232 $616,686 ======== ========

    Cadence Design Systems, Inc. (Unaudited) Revenue Mix by Geography (% of Total Revenue) 2015 2016 ---- ---- GEOGRAPHY Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year --------- --- --- --- --- ---- --- --- --- --- ---- Americas 47% 48% 48% 48% 47% 49% 47% 46% 48% 48% Asia 24% 23% 25% 25% 24% 22% 24% 27% 25% 24% Europe, Middle East and Africa 19% 20% 18% 17% 19% 19% 20% 19% 19% 19% Japan 10% 9% 9% 10% 10% 10% 9% 8% 8% 9% Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Revenue Mix by Product Group (% of Total Revenue) 2015 2016 ---- ---- PRODUCT GROUP Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year ------------- --- --- --- --- ---- --- --- --- --- ---- Functional Verification, including Emulation and Prototyping Hardware 23% 21% 23% 25% 23% 26% 27% 24% 25% 25% Digital IC Design and Signoff 28% 29% 28% 28% 28% 30% 27% 28% 30% 29% Custom IC Design 27% 27% 26% 25% 26% 25% 26% 27% 25% 25% System Interconnect and Analysis 11% 11% 10% 10% 11% 9% 10% 10% 9% 10% IP 11% 12% 13% 12% 12% 10% 10% 11% 11% 11% Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

    Cadence Design Systems, Inc. As of February 1, 2017 Impact of Non-GAAP Adjustments on Forward Looking Diluted Net Income Per Share (Unaudited) Three Months Ending Year Ending April 1, 2017 December 30, 2017 Forecast Forecast -------- -------- Diluted net income per share on a GAAP basis $0.19 to $0.21 $0.89 to $0.99 Amortization of acquired intangibles 0.05 0.20 Stock-based compensation expense 0.11 0.47 Acquisition and integration- related costs 0.01 0.01 Income tax effect of non-GAAP adjustments (0.06) (0.25) Diluted net income per share on a non-GAAP basis** $0.30 to $0.32 $1.32 to $1.42 ============== ============== Cadence Design Systems, Inc. As of February 1, 2017 Impact of Non-GAAP Adjustments on Forward Looking Net Income (Unaudited) Three Months Ending Year Ending April 1, 2017 December 30, 2017 ($ in millions) Forecast Forecast -------- -------- Net income on a GAAP basis $53 to $59 $248 to $276 Amortization of acquired intangibles 14 56 Stock-based compensation expense 31 132 Acquisition and integration- related costs 1 3 Income tax effect of non-GAAP adjustments (16) (71) Net income on a non-GAAP basis** $83 to $89 $368 to $396 ========== ============

    **The non-GAAP measures presented in the table above should not be considered a substitute for financial results and measures determined or calculated in accordance with GAAP.

    SOURCE CDNS-IR

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cadence-reports-fourth-quarter-and-fiscal-year-2016-financial-results-300400700.html

    Photo: http://mma.prnewswire.com/media/321883/cadence_design_systems__inc__logo.jpg Cadence Design Systems, Inc.

    Web site: http://www.cadence.com/




    Axcelis Announces Financial Results For Fourth Quarter And Full Year 2016Purion Product Family Fuels Axcelis Growth

    BEVERLY, Mass., Feb. 1, 2017 /PRNewswire/ -- Axcelis Technologies, Inc. today announced financial results for the fourth quarter and full year ended December 31, 2016.

    The Company reported fourth quarter revenue of $69.4 million, compared to $65.7 million for the third quarter of 2016. Operating profit for the quarter was $5.9 million, compared to $3.6 million for the third quarter. Net income for the quarter was $4.0 million, or $0.13 per share. Net income for the third quarter of 2016 was $2.2 million, or $0.07 per share. Cash, cash equivalents and restricted cash were $77.7 million at December 31, 2016, compared to $72.5 million on September 30, 2016.

    For the full year 2016, the Company reported revenue of $267.0 million, compared with $301.5 million for the full year 2015. Operating profit was $16.6 million in 2016, compared to $20.7 million in 2015. Net income for the year was $11.0 million, compared to net income of $14.7 million in 2015.

    "2016 was a strong year for the Purion platform as our customer base expanded significantly, and we successfully introduced several new product extensions," said President and CEO Mary Puma. "We expect 2017 to be the start of a solid up cycle for the industry, with robust implant CAPEX spending, providing Axcelis with substantial opportunities for continued growth."

    "I am pleased with our financial performance in 2016. We increased gross margins to 37.3%, up from 33.7% in 2015," said Chief Financial Officer and Executive Vice President Kevin Brewer. "We expect to realize further improvements in gross margin in 2017 with continued focus on supply chain optimization, value engineering and lean programs."

    Business Outlook
    For the first quarter ending March 31, 2017, Axcelis expects revenues of approximately $80 million dollars. Gross margin in the first quarter is expected to be around 39%. First quarter operating profit is forecasted to be approximately $7.5-9.0 million with earnings per share of $0.20-0.24.

    Fourth Quarter 2016 Conference Call
    The Company will host a conference call today at 5:00 pm ET to discuss the Company's results for the fourth quarter and full year. The call will be available to interested listeners via an audio webcast that can be accessed through the Investors page of Axcelis' website at www.axcelis.com, or by dialing 866.588.8911 (707.294.1561 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies, and pass code: 47737570. Webcast replays will be available for 30 days following the call.

    Safe Harbor Statement
    This press release and the conference call contain forward-looking statements under the SEC safe harbor provisions. These statements, which include our expectations for increased spending in our industry and guidance for future financial performance, are based on management's current expectations and should be viewed with caution. They are subject to various risks and uncertainties, many of which are outside the control of the Company, including the timing of orders and shipments, the conversion of orders to revenue in any particular quarter, or at all, the continuing demand for semiconductor equipment, relative market growth, continuity of business relationships with and purchases by major customers, competitive pressure on sales and pricing, increases in material and other production costs that cannot be recouped in product pricing and global economic, political and financial conditions. These risks and other risk factors relating to Axcelis are described more fully in the most recent Form 10-K filed by Axcelis and in other documents filed from time to time with the Securities and Exchange Commission.

    About Axcelis:

    Axcelis , headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for over 35 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the most critical and enabling steps in the IC manufacturing process. Learn more about Axcelis at www.axcelis.com.

    Company Contacts

    Investor Relations:
    Doug Lawson
    978.787.9552

    Editorial/Media:
    Maureen Hart
    978.787.4266


    Axcelis Technologies, Inc. Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited) Three months ended Twelve months ended December 31, December 31, ------------ ------------ 2016 2015 2016 2015 ---- ---- ---- ---- Revenue: Product $63,959 $64,802 $244,295 $278,875 Services 5,399 5,656 22,685 22,620 Total revenue 69,358 70,458 266,980 301,495 Cost of Revenue: Product 37,745 43,617 149,007 181,060 Services 4,666 4,868 18,375 18,729 Total cost of revenue 42,411 48,485 167,382 199,789 ------ ------ ------- ------- Gross profit 26,947 21,973 99,598 101,706 Operating expenses: Research and development 8,795 7,907 34,402 32,586 Sales and marketing 6,097 5,517 23,839 23,325 General and administrative 6,190 6,143 24,452 25,059 Restructuring charges - - 282 18 Total operating expenses 21,082 19,567 82,975 80,988 ------ ------ ------ ------ Income from operations 5,865 2,406 16,623 20,718 Other (expense) income: Interest income 77 48 238 64 Interest expense (1,346) (1,349) (5,073) (4,976) Other, net (412) (50) (764) (601) Total other (expense) income (1,681) (1,351) (5,599) (5,513) ------ ------ ------ ------ Income before income taxes 4,184 1,055 11,024 15,205 Income tax provision 219 229 23 527 --- --- --- --- Net income $3,965 $826 $11,001 $14,678 ====== ==== ======= ======= Net income per share: Basic $0.13 $0.03 $0.38 $0.51 ===== ===== ===== ===== Diluted $0.13 $0.03 $0.36 $0.49 ===== ===== ===== ===== Shares used in computing net income per share: Basic weighted average common shares 29,423 28,936 29,195 28,595 ====== ====== ====== ====== Diluted weighted average common shares 31,436 30,464 30,947 30,229 ====== ====== ====== ======

    Axcelis Technologies, Inc. Consolidated Balance Sheets (In thousands, except per share amounts) (Unaudited) December 31, December 31, 2016 2015 ---- ---- ASSETS Cash and cash equivalents $70,791 $78,889 Accounts receivable, net 50,573 36,868 Inventories, net 113,853 109,408 Prepaid expenses and other assets 29,310 19,652 Property, plant and equipment, net 30,840 30,031 Restricted cash 6,864 6,936 Total assets $302,231 $281,784 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $24,996 $19,849 Accrued compensation 5,142 9,059 Warranty 2,668 3,555 Income taxes 240 143 Deferred revenue 11,009 8,542 Sale leaseback obligation 47,586 47,586 Other liabilities 9,135 9,286 Total liabilities 100,776 98,020 Commitments and contingencies Stockholders' equity: Preferred stock, $0.001 par value, 30,000 shares authorized; none issued or outstanding - - Common stock, $0.001 par value, 75,000 shares authorized; 29,518 shares issued and outstanding at December 31, 2016; 29,025 shares issued and 28,995 shares outstanding at December 31, 2015 30 29 Additional paid-in capital 535,408 529,089 Treasury stock, at cost, no shares at December 31, 2016 and 30 shares at December 31, 2015 - (1,218) Accumulated deficit (331,704) (342,705) Accumulated other comprehensive loss (2,279) (1,431) Total stockholders' equity 201,455 183,764 ------- ------- Total liabilities and stockholders' equity $302,231 $281,784 ======== ========

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/axcelis-announces-financial-results-for-fourth-quarter-and-full-year-2016-300400581.html

    Photo: http://mma.prnewswire.com/media/144199/axcelis_technologies__inc__logo.jpg Axcelis Technologies, Inc.

    Web site: http://www.axcelis.com/




    SunPower to Announce Fourth-Quarter Results on February 15, 2017Event to be Webcast at: http://investors.sunpower.com/events.cfm

    SAN JOSE, Calif., Feb. 1, 2017 /PRNewswire/ -- SunPower Corp. will discuss its fourth-quarter 2016 financial results on a conference call on Wednesday, February 15 at 1:30 p.m. Pacific Time. The call-in number is 517-623-4618, passcode: SunPower, or the webcast can be accessed from SunPower's website at http://investors.sunpower.com/events.cfm.

    http://photos.prnewswire.com/prnvar/20150713/235415LOGO

    The earnings press release and supplemental financial information will be available on SunPower's website at http://investors.sunpower.com/events.cfm at 1:05 p.m. Pacific Time on February 15, 2017.

    About SunPower

    As one of the world's most innovative and sustainable energy companies, SunPower provides a diverse group of customers with complete solar solutions and services. Residential customers, businesses, governments, schools and utilities around the globe rely on SunPower's more than 30 years of proven experience. From the first flip of the switch, SunPower delivers maximum value and superb performance throughout the long life of every solar system. Headquartered in Silicon Valley, SunPower has dedicated, customer-focused employees in Africa, Asia, Australia, Europe, North and South America. For more information about how SunPower is changing the way our world is powered, visit www.sunpower.com.

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sunpower-to-announce-fourth-quarter-results-on-february-15-2017-300400766.html

    Photo: http://photos.prnewswire.com/prnh/20150713/235415LOGO SunPower Corp.

    CONTACT: Veronica Andrade, 408-514-4075, Veronica.andrade@sunpower.com

    Web site: http://newsroom.sunpower.com/
    https://www.sunpower.com/




    Facebook Reports Fourth Quarter and Full Year 2016 Results

    MENLO PARK, Calif., Feb. 1, 2017 /PRNewswire/ -- Facebook, Inc. today reported financial results for the fourth quarter and full year ended December 31, 2016.

    "Our mission to connect the world is more important now than ever," said Mark Zuckerberg, Facebook founder and CEO. "Our business did well in 2016, but we have a lot of work ahead to help bring people together."

    Fourth Quarter and Full Year 2016 Financial Highlights((1))

    Three Months Ended December 31, Year-over- Year Ended December 31, Year-over- Year % Year % Change Change In millions, except percentages and per share amounts 2016 2015 2016 2015 ---- ---- ---- ---- Revenue: Advertising $8,629 $5,637 53 % $26,885 $17,079 57 % Payments and other fees 180 204 (12)% 753 849 (11)% --- --- --- --- Total revenue 8,809 5,841 51 % 27,638 17,928 54 % Total costs and expenses(2) 4,243 3,281 29 % 15,211 11,703 30 % ----- ----- ------ ------ Income from operations(2) $4,566 $2,560 78 % $12,427 $6,225 100 % Operating margin(2) 52 % 44 % 45 % 35 % Provision for income taxes(2) 965 2,301 Effective tax rate(2) 21 % 18 % Net income(2) $3,568 $1,562 128 % $10,217 $3,688 177 % Diluted Earnings per Share (EPS)(2) $1.21 $0.54 124 % $3.49 $1.29 171 %

    (1) The information in the Fourth Quarter and Full Year 2016 Financial Highlights table is presented in accordance with generally accepted accounting principles in the United States (GAAP). For non-GAAP financial information, see the table below titled "Reconciliation of GAAP to Non-GAAP Results." (2) In the fourth quarter of 2016, we elected to early adopt Accounting Standards Update No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvement to Employee Share-based Payment Accounting (ASU 2016-09) which, among other items, requires us to record excess tax benefits as a reduction of the provision for income taxes in the income statements, whereas they were previously recognized in equity. We are required to reflect any adoption adjustments as of January 1, 2016, the beginning of the annual period that includes the interim period of adoption. As such, certain financial highlights data for the three months and year ended December 31, 2016 included the impact of the ASU 2016- 09 adoption. See "Adoption of New Accounting Guidance" below for additional information.

    Full Year 2016 Operational Highlights

    --  Daily active users (DAUs) - DAUs were 1.23 billion on average for
    December 2016, an increase of 18% year-over-year.
    --  Mobile DAUs - Mobile DAUs were 1.15 billion on average for December
    2016, an increase of 23% year-over-year.
    --  Monthly active users (MAUs) - MAUs were 1.86 billion as of December 31,
    2016, an increase of 17% year-over-year.
    --  Mobile MAUs - Mobile MAUs were 1.74 billion as of December 31, 2016, an
    increase of 21% year-over-year.
    

    Fourth Quarter and Full Year 2016 Other Financial Highlights

    --  Mobile advertising revenue - Mobile advertising revenue represented
    approximately 84% of advertising revenue for the fourth quarter of 2016,
    up from approximately 80% of advertising revenue in the fourth quarter
    of 2015.
    --  Capital expenditures - Capital expenditures for the full year 2016 were
    $4.49 billion.
    --  Cash and cash equivalents and marketable securities - Cash and cash
    equivalents and marketable securities were $29.45 billion at the end of
    the fourth quarter of 2016.
    

    Adoption of New Accounting Guidance

    We elected to early adopt ASU 2016-09 in the fourth quarter of 2016 which addresses, among other items, the accounting for income taxes and forfeitures, and cash flow presentation of share-based compensation. Upon adoption, excess tax benefits generated when stock awards vest or settle are no longer recognized in equity but are instead recognized as a reduction to provision for income taxes. We also elected to account for forfeitures as they occur, rather than estimate expected forfeitures. Under the new guidance, cash flows related to excess tax benefits are required to be presented as an operating activity rather than a financing activity. We are required to reflect any adjustments as of January 1, 2016, the beginning of the annual period that includes the interim period of adoption.

    The adoption of ASU 2016-09 resulted in, among other items:

    --  net cumulative-effect adjustment of $1.67 billion increase to retained
    earnings as of January 1, 2016, mostly related to the recognition of the
    previously unrecognized excess tax benefits, and
    --  $934 million decrease in our full year 2016 provision for income taxes,
    or 7% decrease in our full year 2016 effective tax rate, mostly due to
    the recognition of excess tax benefits for awards that vested or settled
    in 2016 as a reduction to our provision for income taxes, whereas they
    previously were recognized in equity.
    

    We adopted the aspects of the cash flow presentation retrospectively, and accordingly, to conform to the current year presentation, we reclassified $566 million and $1.72 billion of excess tax benefits under financing activities to operating activities for the fourth quarter and full year 2015, respectively. See supplemental earnings slides available on our investor website as well as our annual report on Form 10-K for the year ended December 31, 2016 to be filed with the SEC for additional detailed information regarding the impact of the early adoption.

    Webcast and Conference Call Information

    Facebook will host a conference call to discuss the results at 2 p.m. PT / 5 p.m. ET today. The live webcast of Facebook's earnings conference call can be accessed at investor.fb.com, along with the earnings press release, financial tables and slide presentation. Facebook uses the investor.fb.com and newsroom.fb.com websites as well as Mark Zuckerberg's Facebook Page (https://www.facebook.com/zuck) as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

    Following the call, a replay will be available at the same website. A telephonic replay will be available for one week following the conference call at +1 (404) 537-3406 or +1 (855) 859-2056, conference ID 39092359.

    About Facebook

    Founded in 2004, Facebook's mission is to give people the power to share and make the world more open and connected. People use Facebook to stay connected with friends and family, to discover what's going on in the world, and to share and express what matters to them.

    Contacts

    Investors:
    Deborah Crawford
    investor@fb.com / investor.fb.com

    Press:
    Vanessa Chan
    press@fb.com / newsroom.fb.com

    Forward Looking Statements

    This press release contains forward-looking statements regarding our future business expectations, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including: our ability to retain or increase users and engagement levels; our reliance on advertising revenue; our dependency on mobile operating systems, networks, and standards that we do not control; risks associated with new product development and their introduction as well as other new business initiatives; our emphasis on user growth and engagement and the user experience over short-term financial results; competition; litigation; privacy and regulatory concerns; risks associated with acquisitions; security breaches; and our ability to manage growth and geographically-dispersed operations. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed under the caption "Risk Factors" in our Quarterly Report on Form 10-Q filed with the SEC on November 3, 2016, which is available on our Investor Relations website at investor.fb.com and on the SEC website at www.sec.gov. Additional information will also be set forth in our Annual Report on Form 10-K for the year ended December 31, 2016. In addition, please note that the date of this press release is February 1, 2017, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

    Non-GAAP Financial Measures

    To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: revenue excluding foreign exchange effect and advertising revenue excluding foreign exchange effect; non-GAAP costs and expenses; non-GAAP income from operations; non-GAAP net income; non-GAAP diluted shares; non-GAAP diluted earnings per share; non-GAAP operating margin; non-GAAP effective tax rate; and free cash flow. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In particular, many of the adjustments to our GAAP financial measures reflect the exclusion of items, specifically amortization of intangible assets, share-based compensation expense, and payroll tax related to share-based compensation expense, and the related income tax effects of the aforementioned exclusions, that are recurring and will be reflected in our financial results for the foreseeable future. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures.

    We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business.

    We exclude the following items from one or more of our non-GAAP financial measures:

    Amortization of intangible assets. We amortize intangible assets acquired in connection with acquisitions. We exclude these amortization expenses because we do not believe these expenses are reflective of ongoing operating results in the period. These amounts arise from our prior acquisitions and have no direct correlation to the operation of our business.

    Share-based compensation expense. We exclude share-based compensation expense because we believe that the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding operational performance. In particular, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use under FASB ASC 718, we believe that providing non-GAAP financial measures that exclude this expense allows investors to make more meaningful comparisons between our operating results and those of other companies. Accordingly, we believe that excluding this expense provides investors and management with greater visibility to the underlying performance of our business operations, facilitates comparison of our results with other periods, and may also facilitate comparison with the results of other companies in our industry.

    Payroll tax expense related to share-based compensation. We exclude payroll tax expense related to share-based compensation expense because, without excluding these tax expenses, investors would not see the full effect that excluding share-based compensation expense had on our operating results. These expenses are tied to the exercise or vesting of underlying equity awards and the price of our common stock at the time of vesting or exercise, which factors may vary from period to period independent of the operating performance of our business. Similar to share-based compensation expense, we believe that excluding this payroll tax expense provides investors and management with greater visibility to the underlying performance of our business operations and facilitates comparison with other periods as well as the results of other companies.

    Income tax effect of amortization of intangible assets, share-based compensation and related payroll tax expenses. We believe excluding the income tax effect of non-GAAP adjustments assists investors and management in understanding the tax provision related to those adjustments and provides useful supplemental information regarding the underlying performance of our business operations.

    Foreign exchange effect on revenue. We translated revenue for the three months and year ended December 31, 2016 using the prior year's monthly exchange rates for our settlement currencies other than the U.S. dollar, which we believe is a useful metric that facilitates comparison to our historical performance.

    Purchases of property and equipment. We subtract purchases of property and equipment in our calculation of free cash flow because we believe that this methodology can provide useful supplemental information to help investors better understand underlying trends in our business.

    For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please see the "Reconciliation of GAAP to Non-GAAP Results" table in this press release.


    FACEBOOK, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In millions, except for per share amounts) (Unaudited) Three Months Ended December 31, Year Ended December 31, ------------------- ----------------------- 2016(1) 2015 2016(1) 2015 ------ ---- ------ ---- Revenue $8,809 $5,841 $27,638 $17,928 Costs and expenses: Cost of revenue 1,047 824 3,789 2,867 Research and development 1,563 1,314 5,919 4,816 Marketing and sales 1,118 772 3,772 2,725 General and administrative 515 371 1,731 1,295 --- --- ----- ----- Total costs and expenses 4,243 3,281 15,211 11,703 ----- ----- ------ ------ Income from operations 4,566 2,560 12,427 6,225 Interest and other income/(expense), net (33) (3) 91 (31) --- --- --- --- Income before provision for income taxes 4,533 2,557 12,518 6,194 Provision for income taxes 965 995 2,301 2,506 --- --- ----- ----- Net income $3,568 $1,562 $10,217 $3,688 ------ ------ ------- ------ Less: Net income attributable to participating securities 7 7 29 19 --- --- --- --- Net income attributable to Class A and Class B common stockholders $3,561 $1,555 $10,188 $3,669 ====== ====== ======= ====== Earnings per share attributable to Class A and Class B common stockholders: Basic $1.24 $0.55 $3.56 $1.31 ===== ===== ===== ===== Diluted $1.21 $0.54 $3.49 $1.29 ===== ===== ===== ===== Weighted average shares used to compute earnings per share attributable to Class A and Class B common stockholders: Basic 2,882 2,825 2,863 2,803 ===== ===== ===== ===== Diluted 2,938 2,878 2,925 2,853 ===== ===== ===== ===== Share-based compensation expense included in costs and expenses: Cost of revenue $32 $22 $113 $81 Research and development 641 583 2,494 2,350 Marketing and sales 96 84 368 320 General and administrative 62 57 243 218 --- --- --- --- Total share-based compensation expense $831 $746 $3,218 $2,969 ==== ==== ====== ====== Payroll tax expenses related to share-based compensation included in costs and expenses: Cost of revenue $ - $ - $4 $2 Research and development 12 22 69 56 Marketing and sales 2 2 11 10 General and administrative 3 2 14 9 --- --- --- --- Total payroll tax expenses related to share-based compensation $17 $26 $98 $77 === === === === Amortization of intangible assets included in costs and expenses: Cost of revenue $55 $55 $208 $187 Research and development 7 9 34 39 Marketing and sales 100 103 422 410 General and administrative 21 24 87 94 Total amortization of intangible assets $183 $191 $751 $730 ==== ==== ==== ====

    (1) We elected to early adopt ASU 2016-09 in the fourth quarter of 2016. The impacts of adoption have been reflected in our condensed consolidated statements of income for the three months and year ended December 31, 2016. See "Adoption of New Accounting Guidance" above for additional information.


    FACEBOOK, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited) December 31, 2016(1) December 31, 2015 ------------------- ----------------- Assets Current assets: Cash and cash equivalents $8,903 $4,907 Marketable securities 20,546 13,527 Accounts receivable, net of allowances for doubtful accounts of $94 and $68 as of December 31, 2016 and December 31, 2015, respectively 3,993 2,559 Prepaid expenses and other current assets 959 659 ------------- 34,401 21,652 Total current assets Property and equipment, net 8,591 5,687 Intangible assets, net 2,535 3,246 Goodwill 18,122 18,026 Other assets 1,312 796 ----- --- Total assets $64,961 $49,407 ======= ======= Liabilities and stockholders' equity Current liabilities: Accounts payable $302 $196 Partners payable 280 217 Accrued expenses and other current liabilities 2,203 1,449 Deferred revenue and deposits 90 56 Current portion of capital lease obligations - 7 ---------------- 2,875 1,925 Total current liabilities Capital lease obligations, less current portion - 107 Other liabilities 2,892 3,157 ----- ----- 5,767 5,189 Total liabilities Stockholders' equity Common stock and additional paid-in capital 38,227 34,886 Accumulated other comprehensive loss (703) (455) Retained earnings 21,670 9,787 --------- 59,194 44,218 Total stockholders' equity ----------------- Total liabilities and stockholders' equity $64,961 $49,407 ======= =======

    (1) We elected to early adopt ASU 2016-09 in the fourth quarter of 2016. The impacts of adoption have been reflected in our condensed consolidated balance sheet as of December 31, 2016. See "Adoption of New Accounting Guidance" above for additional information.


    FACEBOOK, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three Months Ended December 31, Year Ended December 31, ------------ 2016(1) 2015(1) 2016(1) 2015(1) ------ ------ ------ ------ Cash flows from operating activities Net income $3,568 $1,562 $10,217 $3,688 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 614 543 2,342 1,945 Share-based compensation 831 746 3,218 2,960 Deferred income taxes (256) (123) (457) (795) Tax benefit from share-based award activity - 566 - 1,721 Other 7 3 30 17 Changes in assets and liabilities: Accounts receivable (1,011) (568) (1,489) (973) Prepaid expenses and other current assets 155 1 (159) (144) Other assets (32) (7) 14 (3) Accounts payable 35 11 14 18 Partners payable 47 (23) 67 17 Accrued expenses and other current liabilities 372 222 1,014 513 Deferred revenue and deposits 14 9 35 (9) Other liabilities 586 451 1,262 1,365 --- --- ----- ----- Net cash provided by operating activities 4,930 3,393 16,108 10,320 Cash flows from investing activities Purchases of property and equipment (1,269) (692) (4,491) (2,523) Purchases of marketable securities (4,974) (5,605) (22,341) (15,938) Sales of marketable securities 4,103 2,803 13,894 6,928 Maturities of marketable securities 227 747 1,261 2,310 Acquisitions of businesses, net of cash acquired, and purchases of intangible assets (41) (4) (123) (313) Change in restricted cash and deposits (21) 25 61 102 --- --- --- --- Net cash used in investing activities (1,975) (2,726) (11,739) (9,434) Cash flows from financing activities Principal payments on capital lease and other financing obligations - (12) (312) (119) Other financing activities, net 4 - 2 (20) --- --- --- --- Net cash provided by (used in) financing activities 4 (12) (310) (139) --- --- ---- ---- Effect of exchange rate changes on cash and cash equivalents (94) (56) (63) (155) --- --- --- ---- Net increase in cash and cash equivalents 2,865 599 3,996 592 Cash and cash equivalents at beginning of period 6,038 4,308 4,907 4,315 ----- ----- ----- ----- Cash and cash equivalents at end of period $8,903 $4,907 $8,903 $4,907 ====== ====== ====== ======



    FACEBOOK, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three Months Ended December 31, Year Ended December 31, ------------ 2016(1) 2015(1) 2016(1) 2015(1) ------ ------ ------ ------ Supplemental cash flow data Cash paid during the period for: Interest $ - $2 $11 $10 ======== === === === Income taxes, net $446 $71 $1,210 $270 ==== === ====== ==== Non-cash investing and financing activities: Net change in accounts payable, accrued expenses and other current liabilities, and other liabilities related to property and equipment additions $(47) $(19) $272 $88 ==== ==== ==== === Promissory note payable issued in connection with an acquisition $ - $ - $ - $198 ======== ======== ========== ==== Settlement of contingent consideration liability $ - $ - $33 $ - ======== ======== === =========

    (1) We elected to early adopt ASU 2016-09 in the fourth quarter of 2016. The impacts of adoption, such as the recognition of excess tax benefits for awards that vested or settled in 2016 as a reduction to our provision for income taxes, have been reflected in our net income under net cash provided by operating activities for the three months and year ended December 31, 2016. Since we adopted the aspects of the cash flow presentation retrospectively, to conform to the current year presentation, we reclassified $566 million and $1.72 billion of excess tax benefits under financing activities to operating activities for the fourth quarter and full year 2015, respectively. See "Adoption of New Accounting Guidance" above for additional information.

    Reconciliation of GAAP to Non-GAAP Results (In millions, except percentages and per share amounts) (Unaudited) Three Months Ended Year Ended December 31, December 31, ------------ ------------ 2016 2015 2016 2015 ---- ---- ---- ---- GAAP revenue $8,809 $5,841 $27,638 $17,928 Foreign exchange effect on 2016 revenue using 2015 rates 36 270 --- --- Revenue excluding foreign exchange effect $8,845 $27,908 GAAP revenue year- over-year change % 51 % 54 % Revenue excluding foreign exchange effect year-over- year change % 51 % 56 % GAAP advertising revenue $8,629 $5,637 $26,885 $17,079 Foreign exchange effect on 2016 advertising revenue using 2015 rates 35 269 --- --- Advertising revenue excluding foreign exchange effect $8,664 $27,154 GAAP advertising revenue year-over- year change % 53 % 57 % Advertising revenue excluding foreign exchange effect year-over-year change % 54 % 59 % GAAP costs and expenses(1) $4,243 $3,281 $15,211 $11,703 Share-based compensation expense(1) (831) (746) (3,218) (2,969) Payroll tax expenses related to share- based compensation (17) (26) (98) (77) Amortization of intangible assets (183) (191) (751) (730) ---- ---- ---- ---- Non-GAAP costs and expenses $3,212 $2,318 $11,144 $7,927 GAAP income from operations(1) $4,566 $2,560 $12,427 $6,225 Share-based compensation expense(1) 831 746 3,218 2,969 Payroll tax expenses related to share- based compensation 17 26 98 77 Amortization of intangible assets 183 191 751 730 --- --- --- --- Non-GAAP income from operations $5,597 $3,523 $16,494 $10,001 GAAP net income(1) $3,568 $1,562 $10,217 $3,688 Share-based compensation expense(1) 831 746 3,218 2,969 Payroll tax expenses related to share- based compensation 17 26 98 77 Amortization of intangible assets 183 191 751 730 Income tax adjustments(1) (449) (260) (1,916) (946) ---- ---- ------ ---- Non-GAAP net income $4,150 $2,265 $12,368 $6,518 GAAP and Non-GAAP diluted shares(1) 2,938 2,878 2,925 2,853 GAAP diluted earnings per share(1) $1.21 $0.54 $3.49 $1.29 Non-GAAP adjustments to net income 0.20 0.25 0.74 0.99 ---- ---- ---- ---- Non-GAAP diluted earnings per share $1.41 $0.79 $4.23 $2.28 GAAP operating margin(1) 52 % 44 % 45 % 35 % Share-based compensation expense(1) 9 % 13 % 12 % 17 % Payroll tax expenses related to share- based compensation -% -% -% -% Amortization of intangible assets 2 % 3 % 3 % 4 % --- --- --- --- Non-GAAP operating margin 64 % 60 % 60 % 56 % GAAP income before provision for income taxes(1) $4,533 $2,557 $12,518 $6,194 GAAP provision for income taxes(1) 965 995 2,301 2,506 --- --- ----- ----- GAAP effective tax rate(1) 21 % 39 % 18 % 40 % GAAP income before provision for income taxes(1) $4,533 $2,557 $12,518 $6,194 Share-based compensation and related payroll tax expenses(1) 848 772 3,316 3,046 Amortization of intangible assets 183 191 751 730 --- --- --- --- Non-GAAP income before provision for income taxes $5,564 $3,520 $16,585 $9,970 Non-GAAP provision for income taxes 1,414 1,255 4,217 3,452 ----- ----- ----- ----- Non-GAAP effective tax rate 25 % 36 % 25 % 35 % Net cash provided by operating activities(1) $4,930 $3,393 $16,108 $10,320 Purchases of property and equipment (1,269) (692) (4,491) (2,523) ------ ---- ------ ------ Free cash flow(1) $3,661 $2,701 $11,617 $7,797

    (1) In the fourth quarter of 2016, we elected to early adopt ASU 2016-09. The impacts of adoption have been reflected in certain results of operations and cash flows data for the three months and year ended December 31, 2016. In addition, certain cash flows data for the three months and year ended December 31, 2015 have been adjusted accordingly. See "Adoption of New Accounting Guidance" above for additional information.

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/facebook-reports-fourth-quarter-and-full-year-2016-results-300400830.html

    Photo: http://mma.prnewswire.com/media/458738/facebook__inc__logo.jpg Facebook, Inc.



    Extreme Networks Reports Second Quarter Fiscal Year 2017 Financial Results

    SAN JOSE, Calif., Feb. 1, 2017 /PRNewswire/ -- Extreme Networks, Inc. ("Extreme") today released financial results for its fiscal second quarter ended December 31, 2016. Second quarter revenue was $148.1 million. GAAP gross margin for the second fiscal quarter was 50.9% and non-GAAP gross margin 57.5%. GAAP operating margin for the second fiscal quarter was (5.0)% and non-GAAP operating margin was 9.4%. GAAP net loss for the second fiscal quarter was $8.6 million, or $0.08 per basic share, and non-GAAP net income was $12.7 million, or $0.12 per diluted share.

    "We are pleased to announce solid second quarter results reflecting strong execution of our operating plan to drive higher cash flows," stated Ed Meyercord, President and CEO of Extreme Networks. "During the quarter, we expanded gross margins and increased profitability through our focused selling strategy to enterprise campus customers across our targeted verticals, while also implementing significant cost savings initiatives. We grew our non-GAAP gross margin by 390 basis points and operating margin by 160 basis points year-over-year, each reaching their highest levels in three years, underscoring the progress we have made both strategically and operationally."

    "Looking ahead, we are well-positioned to take advantage of new growth opportunities by delivering industry-leading solutions and services to our enterprise customers. These customers include large, multi-national accounts from our recently acquired WLAN business from Zebra Technologies. Additionally, we remain focused on managing our cost structure as we continue to realize the synergies from the acquired business and implement our realignment of the Company's resources to accelerate the achievement of our growth and margin objectives," Meyercord added.

    Recent Key Events:

    --  Completed Acquisition of Zebra's Wireless LAN Business. We officially
    completed our acquisition of Zebra's Wireless LAN business, solidifying
    Extreme's position as the third largest provider in our target
    enterprise campus market.
    --  Official Wi-Fi and Wi-Fi Analytics Provider of Super Bowl LI; MetLife
    Stadium Win with New York Jets and New York Giants; and Expanded
    Partnership with the New England Patriots. Extreme announced that it
    will power Super Bowl LI following its wired and wireless deployment at
    NRG Stadium in Houston. We also won the MetLife Stadium (formally Cisco
    customers) core networking business.
    --  New Wave2 Wireless APs. We strengthened our ExtremeWireless(TM)
    portfolio with the industry's first Wave2 integrated camera access
    points, which offer customers significant cost savings and unified
    management as compared to traditional surveillance camera solutions.
    --  Recognized for Outstanding Partnership Support. Tech Data awarded
    Extreme with its 'Growth Vendor Partner of the Year' award based on our
    year-over-year sales performance, executive engagement and overall
    support for Tech Data.
    

    Fiscal Q2 2017 Financial Metrics: 2017 2016 Change ---- ---- ------ GAAP Results of Operations Product $109.8 $105.3 $4.5 4% Service 38.3 34.0 4.3 13% ---- ---- --- Total Net Revenue $148.1 $139.3 $8.8 6% Gross Margin 50.9% 50.4% 0.5% 1% Operating Margin (5.0)% (3.8)% (1.2)% (32)% Net Loss $(8.6) $(7.2) $(1.4) (20)% Loss per basic share $(0.08) $(0.07) $(0.01) (14)% Non-GAAP Results of Operations Product $109.8 $105.4 $4.4 4% Service 38.3 34.3 4.0 12% ---- ---- --- Total Net Revenue $148.1 $139.7 $8.4 6% Gross Margin 57.5% 53.6% 3.9% 7% Operating Margin 9.4% 7.8% 1.6% 21% Net Income $12.7 $9.0 $3.7 41% Earnings per diluted share $0.12 $0.09 $0.03 33%

    --  Cash and investments ended the quarter at $103.8 million, as compared to
    $102.3 million from the prior quarter and an increase of $17.9 million
    from the prior year.
    --  Accounts receivable balance ending Q2 was $117.8 million, with days
    sales outstanding ("DSO") of 73.
    --  Inventory ending Q2 was $47.4 million, an increase of $4.0 million from
    the prior quarter and down $9.2 million from the prior year.
    

    Business Outlook:

    Extreme's Business Outlook is based on current expectations. The following statements are forward-looking, and actual results could differ materially based on market conditions and the factors set forth under "Forward-Looking Statements" below.

    For its third quarter of fiscal 2017 ending March 31, 2017, the Company is targeting revenue in a range of $151.0 million to $161.0 million. GAAP gross margin is targeted between 53.4% and 54.5% and non-GAAP gross margin is targeted between 55.5% and 56.5%. Operating expenses are targeted to be between $90.3 million and $92.8 million on a GAAP basis and $74.9 million to $77.5 million on a non-GAAP basis. GAAP earnings are targeted to be between a net loss of $7.4 million to $12.0 million, or a loss of $0.07 to $0.11 per share. Non-GAAP earnings are targeted in a range of net income of $6.6 million to $11.2 million, or $0.06 to $0.10 per diluted share. The GAAP and non-GAAP net income (loss) targets are based on an estimated 109.1 million and 110.6 million average outstanding shares, respectively.

    The following table shows the GAAP to non-GAAP reconciliation for Q3FY'17 guidance:

    Gross Margin Operating Margin Earnings per Rate Rate Share GAAP 53.4% - 54.5% (6.4)% - (3.2)% $(0.11) - $(0.07) Estimated adjustments for: Amortization of product intangibles $0.03 1.9% 1.9% Stock based compensation $0.03 0.3% 2.4% Restructuring charge, net - $0.07 5.0% Amortization of non product intangibles - $0.01 0.8% Acquisition and integration costs - $0.03 2.3% --- Non-GAAP 55.5% - 56.5% 5.9% - 8.4% $0.06 - $0.10

    The total of percentage rate changes may not equal the total change in all cases due to rounding.

    Conference Call:
    Extreme will host a conference call at 4:30 p.m. Eastern (1:30 p.m. Pacific) today to review the second fiscal quarter results as well as the third fiscal quarter 2017 business outlook, including significant factors and assumptions underlying the targets noted above. The conference call will be available to the public through a live audio web broadcast via the Internet at http://investor.extremenetworks.com and a replay of the call will be available on the website through February 1, 2018. The conference call may also be heard by dialing 1-877-303-9826 (international callers dial 1-224-357-2194). Supplemental financial information to be discussed during the conference call will be posted in the Investor Relations section of the Company's website www.extremenetworks.com including the non-GAAP reconciliation attached to this press release. The encore recording can be accessed by dialing (855) 859-2056 /or international 1 (404) 537-3406 Conference ID # 40315271.

    About Extreme Networks:
    Extreme Networks, Inc. (EXTR) delivers software-driven networking solutions that help IT departments everywhere deliver the ultimate business outcome: stronger connections with customers, partners and employees. Wired to wireless, desktop to data center, on premise or through the cloud, we go to extreme measures for our customers in more than 80 countries, delivering 100% insourced call-in technical support to organizations large and small, including some of the world's leading names in business, hospitality, retail, transportation and logistics, education, government, healthcare and manufacturing. Founded in 1996, Extreme is headquartered in San Jose, California. For more information, visit Extreme's website or call 1-888-257-3000.

    Extreme Networks and the Extreme Networks logo, ExtremeManagement, ExtremeWireless, ExtremeControl and ExtremeAnalytics are either trademarks or registered trademarks of Extreme Networks, Inc. in the United States and/or other countries.

    Non-GAAP Financial Measures:
    Extreme provides all financial information required in accordance with generally accepted accounting principles ("GAAP"). The Company is providing with this press release non-GAAP gross margins, non-GAAP operating expenses, and non-GAAP earnings per share. In preparing non-GAAP information, the Company has excluded, where applicable, the impact of share-based compensation, acquisition and integration costs, purchase accounting adjustments, acquired inventory adjustments, amortization of acquired intangibles, restructuring charges, executive transition costs, litigation expenses and overhead adjustments. The Company believes that excluding these items provides both management and investors with additional insight into its current operations, the trends affecting the Company, the Company's marketplace performance, and the Company's ability to generate cash from operations. Please note the Company's non-GAAP measures may be different than those used by other companies. The additional non-GAAP financial information the Company presents should be considered in conjunction with, and not as a substitute for, the Company's GAAP financial information.

    The Company has provided a non-GAAP reconciliation of the results for the periods presented in this release, which are adjusted to exclude certain items as indicated. These measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures for comparable financial information and understanding of the Company's ongoing performance as a business. Extreme Networks uses both GAAP and non-GAAP measures to evaluate and manage its operations.

    Forward Looking Statements:
    Statements in this release, including those concerning the Company's business outlook, future financial and operating results, and overall future prospects are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements speak only as of the date of this release. Actual results or events could differ materially from those anticipated in those forward-looking statements as a result of certain factors, including: our ability to realize the anticipated benefits of the WLAN business from Zebra Technologies Corporation and to successfully integrate the acquired technologies and operations into our business and operations; failure to achieve targeted revenues and forecasted demand from end customers; a highly competitive business environment for network switching equipment; our effectiveness in controlling expenses; the possibility that we might experience delays in the development or introduction of new technology and products; customer response to our new technology and products; the timing of any recovery in the global economy; risks related to pending or future litigation; and a dependency on third parties for certain components and for the manufacturing of our products.

    More information about potential factors that could affect the Company's business and financial results is included in the Company's filings with the Securities and Exchange Commission, including, without limitation, under the captions: "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Risk Factors". Except as required under the U.S. federal securities laws and the rules and regulations of the U.S. Securities and Exchange Commission, Extreme Networks disclaims any obligation to update any forward-looking statements after the date of this release, whether as a result of new information, future events, developments, changes in assumptions or otherwise.

    EXTREME NETWORKS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) December 31, June 30, 2016 2016 ---- ---- ASSETS Current assets: Cash and cash equivalents $103,786 $94,122 Accounts receivable, net of allowances of $2,451 at December 31, 2016 and $3,257 at June 30, 2016 117,819 81,419 Inventories 47,394 40,989 Prepaid expenses and other current assets 14,806 12,438 ------ ------ Total current assets 283,805 228,968 Property and equipment, net 30,599 29,580 Intangible assets, net 29,854 19,762 Goodwill 80,713 70,877 Other assets 25,026 25,236 ------ ------ Total assets $449,997 $374,423 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $10,020 $17,628 Accounts payable 26,841 30,711 Accrued compensation and benefits 28,188 27,145 Accrued warranty 10,228 9,600 Deferred revenue, net 81,404 72,934 Deferred distributors revenue, net of cost of sales to distributors 41,333 26,817 Other accrued liabilities 39,885 26,691 ------ ------ Total current liabilities 237,899 211,526 Deferred revenue, less current portion 24,519 21,926 Long-term debt, less current portion 87,127 37,446 Deferred income taxes 5,615 4,693 Other long-term liabilities 9,017 8,635 Commitments and contingencies Stockholders' equity 85,820 90,197 ------ ------ Total liabilities and stockholders' equity $449,997 $374,423 ======== ========

    EXTREME NETWORKS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended Six Months Ended ------------------ ---------------- December 31, December 31, December 31, December 31, 2016 2015 2016 2015 ---- ---- ---- ---- Net revenues: Product $109,789 $105,355 $199,920 $196,736 Service 38,322 33,950 70,833 67,150 ------ ------ ------ ------ Total net revenues 148,111 139,305 270,753 263,886 ------- ------- ------- ------- Cost of revenues: Product 58,659 57,103 103,586 104,037 Service 14,098 11,927 26,567 24,456 ------ ------ ------ ------ Total cost of revenues 72,757 69,030 130,153 128,493 ------ ------ ------- ------- Gross profit: Product 51,130 48,252 96,334 92,699 Service 24,224 22,023 44,266 42,694 ------ ------ ------ ------ Total gross profit 75,354 70,275 140,600 135,393 ------ ------ ------- ------- Operating expenses: Research and development 24,013 20,716 42,312 40,984 Sales and marketing 41,109 37,058 78,065 73,120 General and administrative 9,397 9,775 17,684 18,951 Acquisition and integration costs 4,169 807 6,490 1,145 Restructuring and related charges, net of reversals 1,853 3,031 1,853 8,634 Amortization of intangibles 2,175 4,251 6,317 8,718 ----- ----- ----- ----- Total operating expenses 82,716 75,638 152,721 151,552 ------ ------ ------- ------- Operating loss (7,362) (5,363) (12,121) (16,159) Interest income 81 29 138 56 Interest expense (1,176) (809) (1,823) (1,635) Other income (expense), net 1,025 112 802 1,079 ----- --- --- ----- Loss before income taxes (7,432) (6,031) (13,004) (16,659) Provision for income taxes 1,179 1,203 2,086 2,101 ----- ----- ----- ----- Net loss $(8,611) $(7,234) $(15,090) $(18,760) ======= ======= ======== ======== Basic and diluted net loss per share: Net loss per share - basic $(0.08) $(0.07) $(0.14) $(0.18) Net loss per share - diluted $(0.08) $(0.07) $(0.14) $(0.18) Shares used in per share calculation -basic 107,425 102,369 106,690 101,677 Shares used in per share calculation -diluted 107,425 102,369 106,690 101,677

    EXTREME NETWORKS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Six Months Ended ---------------- December 31, December 31, 2016 2015 ---- ---- Net cash provided by operating activities $19,288 $13,967 ------- ------- Cash flows from investing activities: Capital expenditures (4,662) (1,409) Acquisition (51,088) - ------- --- Net cash used in investing activities (55,750) (1,409) ------- ------ Cash flows from financing activities: Borrowings under Revolving Facility - 15,000 Borrowings under Term Loan 48,250 Loan fees on borrowings (1,327) Repayment of debt (5,513) (19,875) Proceeds from issuance of common stock 4,831 2,330 ----- ----- Net cash provided by (used in) financing activities 46,241 (2,545) ------ ------ Foreign currency effect on cash (115) (373) Net increase in cash and cash equivalents 9,664 9,640 ----- ----- Cash and cash equivalents at beginning of period 94,122 76,225 ------ ------ Cash and cash equivalents at end of period $103,786 $85,865 ======== =======

    Extreme Networks, Inc.
    Non-GAAP Measures of Financial Performance

    To supplement the Company's consolidated financial statements presented in accordance with generally accepted accounting principles, ("GAAP"), Extreme Networks uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP gross margin, non-GAAP operating expenses and free cash flow.

    Reconciliation to the nearest GAAP measure of all historical non-GAAP measures included in this press release can be found in the tables included with this press release. In this press release, Extreme Networks also presents its target for non-GAAP expenses, which is expenses less share-based compensation expense, acquisition and integration costs, purchase accounting adjustments, acquired inventory adjustments, amortization of intangibles, restructuring expenses, executive transition expenses, litigation expense and overhead adjustments.

    Non-GAAP measures presented in this press release are not in accordance with or alternative measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Extreme Networks' results of operations as determined in accordance with GAAP. These non-GAAP measures should only be used to evaluate Extreme Networks' results of operations in conjunction with the corresponding GAAP measures.

    Extreme believes these non-GAAP measures when shown in conjunction with the corresponding GAAP measures enhance investors' and management's overall understanding of the Company's current financial performance and the Company's prospects for the future, including cash flows available to pursue opportunities to enhance shareholder value. In addition, because Extreme Networks has historically reported certain non-GAAP results to investors, the Company believes the inclusion of non-GAAP measures provides consistency in the Company's financial reporting.

    For its internal planning process, and as discussed further below, Extreme's management uses financial statements that do not include share-based compensation expense, acquisition and integration costs, purchase accounting adjustments, acquired inventory adjustment, amortization of intangibles, restructuring expenses, executive transition costs, litigation expenses and overhead adjustments. Extreme's management also uses non-GAAP measures, in addition to the corresponding GAAP measures, in reviewing the Company's financial results.

    As described above, Extreme excludes the following items from one or more of its non-GAAP measures when applicable.

    Share-based compensation. This expense consists of expenses for stock options, restricted stock and employee stock purchases through its ESPP. Extreme Networks excludes share-based compensation expenses from its non-GAAP measures primarily because they are non-cash expenses that the Company does not believe are reflective of ongoing cash requirement related to operating results. Extreme Networks expects to incur share-based compensation expenses in future periods.

    Acquisition and integration costs. Acquisition and integration costs consist of legal and professional fees related to the acquisition of Zebra Technologies Corporation's wireless LAN business. Extreme Networks excludes these expenses since they result from an event that is outside the ordinary course of continuing operations.

    Purchase accounting adjustments. Purchase accounting adjustments relating to deferred revenue consists of adjustments to the carrying value of deferred revenue. We have recorded adjustments to the assumed deferred revenue to reflect only a fulfillment margin and thereby excluding the profit margin and revenue which would have been incurred had Extreme Networks entered into the service contract post-acquisition.

    Acquired inventory adjustments. Purchase accounting adjustments relating to the mark up of acquired inventory to fair value less disposal costs.

    Amortization of acquired intangibles. Amortization of acquired intangibles includes the monthly amortization expense of acquired intangible assets such as developed technology, customer relationships, trademarks and order backlog. The amortization of the developed technology intangible is recorded in product cost of goods sold, while the amortization for the other intangibles are recorded in operating expenses. Extreme Networks excludes these non-cash expenses since they result from an intangible asset and for which the period expense does not impact the operations of the business and are non-cash in nature.

    Restructuring expenses. Restructuring expenses primarily consist of accrued lease costs pertaining to the estimated future obligations for non-cancelable lease payments and accelerated depreciation of leasehold improvements related to excess facilities. Extreme Networks excludes restructuring expenses since they result from events that often occur outside of the ordinary course of continuing operations.

    Executive transition expenses. Executive transition expenses consists of severance and termination benefits and legal transition cash transactions. The expenses are incurred through execution of pre-established employment contracts with senior executives. The Company does not believe these expenses are reflective of ongoing cash requirements related to its operating results.

    Litigation expenses. Litigation expenses consist of legal and professional fees and expenses related to our on-going ligation matter as a result of a securities laws class action lawsuit.

    Overhead adjustments. Overhead adjustment relate to service inventory overhead capitalization, this was a one-time event and was non-cash in nature.

    In addition to the non-GAAP measures discussed above, Extreme uses free cash flow as a measure of operating performance. Free cash flow represents operating cash flows less net purchase of property and equipment on a GAAP basis. Extreme considers free cash flows to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business after the purchases of property and equipment, which can then be used to, among other things, invest in Extreme's business, make strategic acquisitions, and strengthen the balance sheet. A limitation of the utility of free cash flows as a measure of financial performance is that it does not represent the total increase or decrease in the Company's cash balance for the period.

    EXTREME NETWORKS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS GAAP TO NON-GAAP RECONCILIATION (In thousands, except per share amounts) (Unaudited) Non-GAAP Revenue Three Months Ended Six Months Ended ------------------ ---------------- December 31, December 31, December 31, December 31, 2016 2015 2016 2015 ---- ---- ---- ---- Revenue - GAAP Basis $148,111 $139,305 $270,753 $263,886 Adjustments: Purchase accounting adjustment - 377 133 754 --- --- --- --- Revenue - Non-GAAP Basis $148,111 $139,682 $270,886 $264,640 Non-GAAP Gross Margin Three Months Ended Six Months Ended ------------------ ---------------- December 31, December 31, December 31, December 31, 2016 2015 2016 2015 ---- ---- ---- ---- Gross profit -GAAP Basis $75,354 $70,275 $140,600 $135,393 Gross margin -GAAP Basis percentage 50.9% 50.4% 51.9% 51.3% Adjustments: Stock based compensation expense 308 554 608 1,216 Purchase accounting adjustments - 377 133 754 Acquired inventory adjustments 2,300 - 2,300 - Acquisition and integration costs 5,517 - 5,517 - Amortization of intangibles 1,719 3,708 5,136 8,000 Service inventory overhead capitalization - - - (1,493) --- --- --- ------ Gross profit - Non- GAAP Basis $85,198 $74,914 $154,294 $143,870 Gross margin - Non-GAAP Basis percentage 57.5% 53.6% 57.0% 54.4% Non-GAAP Operating Income Three Months Ended Six Months Ended ------------------ ---------------- December 31, December 31, December 31, December 31, 2016 2015 2016 2015 ---- ---- ---- ---- GAAP operating loss $(7,362) $(5,363) $(12,121) $(16,159) GAAP operating loss percentage (5.0)% (3.8)% (4.5)% (6.1)% Adjustments: Stock based compensation expense 3,381 3,945 6,856 8,616 Acquisition and integration costs 9,686 807 12,007 1,145 Restructuring charge, net of reversal 1,853 3,031 1,853 8,634 Acquired inventory adjustments 2,300 - 2,300 - Amortization of intangibles 3,894 7,959 11,453 16,718 Purchase accounting adjustments - 377 133 754 Executive transition costs - - 34 - Litigation 236 79 263 79 Service inventory overhead capitalization - - - (1,493) --- --- --- ------ Total adjustments to GAAP operating loss $21,350 $16,198 $34,899 $34,453 Non-GAAP operating income $13,988 $10,835 $22,778 $18,294 Non-GAAP operating income percentage 9.4% 7.8% 8.4% 6.9% Non-GAAP Net Income Three Months Ended Six Months Ended ------------------ ---------------- December 31, December 31, December 31, December 31, 2016 2015 2016 2015 ---- ---- ---- ---- GAAP net loss $(8,611) $(7,234) $(15,090) $(18,760) Adjustments: Stock based compensation expense 3,381 3,945 6,856 8,616 Acquisition and integration costs 9,686 807 12,007 1,145 Restructuring charge, net of reversal 1,853 3,031 1,853 8,634 Amortization of intangibles 3,894 7,959 11,453 16,718 Acquired inventory adjustments 2,300 - 2,300 - Purchase accounting adjustments - 377 133 754 Executive transition costs - - 34 - Litigation 236 79 263 79 Service inventory overhead capitalization - - - (1,493) --- --- --- ------ Total adjustments to GAAP net loss $21,350 $16,198 $34,899 $34,453 Non-GAAP net income $12,739 $8,964 $19,809 $15,693 Earnings per share Non-GAAP diluted net income per share $0.12 $0.09 $0.18 $0.15 Shares used in diluted net income per share calculation Non-GAAP shares used 110,152 105,087 109,394 103,997 Free Cash Flow Three Months Ended Six Months Ended ------------------ ---------------- December 31, December 31, December 31, December 31, 2016 2015 2016 2015 ---- ---- ---- ---- Cash flow provided by operations $9,713 $7,441 $19,288 $13,967 Less: PP&E CapEx spending (3,027) $(776) (4,662) (1,409) ------ ----- ------ ------ Total free cash flow $6,686 $6,665 $14,626 $12,558

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/extreme-networks-reports-second-quarter-fiscal-year-2017-financial-results-300400834.html

    Photo: http://mma.prnewswire.com/media/378309/extreme_networks_logo.jpg Extreme Networks, Inc.

    CONTACT: Investor Relations, Matt Steinberg, 212/481-2050,
    extreme@tpr-ir.com OR Media Contact, Ben Haber, 617/624-3200,
    ExtremeUS@racepointglobal.com

    Web site: http://www.extremenetworks.com/




    Acorn International Continues to Defend its Proprietary and Licensed Brands in China with Win in Trademark Infringement Dispute

    SHANGHAI, Feb. 1, 2017 /PRNewswire/ -- Acorn International, Inc. ("Acorn" or the "Company") has announced that it has received the final ruling from Beijing Xicheng People's Court ("the Court") holding in Acorn's favor. The ruling indicates that Taian Deang Trading Co., Ltd must compensate Acorn based on the claim that it had infringed the Company's trademark for its Suyumei BBJ products. This victory is yet another example of Acorn's push to go after intellectual property (IP) pirates in China to support its own brands as well as licensed foreign brands that it brings into China.

    Acorn is building a track record of defending its IP rights through legal actions. Acorn believes its capabilities around brand protection represent an important and differentiating competency as it continues to build its profile as a trusted brand for foreign brands that want to enter China. The Company's IP & Brand Protection Unit will continue to identify and pursue illegal counterfeiters that infringe on its IP rights, especially targeting the e-commerce channel where pirated goods are so prevalent in China. This initiative goes hand in hand with Acorn's goal of growing sales of its proprietary-branded products as well as third-party branded products through e-commerce, its other direct sales channels and nationwide distribution network.

    "Our newly formed IP & Brand Protection Unit has once again succeeded in enforcing Acorn's IP rights in China. We will continue to aggressively protect our IP and will be vigilant in identifying and pursuing counterfeiters that sell counterfeit goods in violation of our IP rights. This effort has resulted in a positive impact on Acorn's top line as we take back sales and market share from counterfeiters. More importantly, our dedication to protecting IP is helping to build our reputation as a trusted partner for top foreign brands entering China," said Jacob A. Fisch, President of Acorn.

    Safe Harbor Statement
    This news release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "anticipates," "believes," "estimates," "expects," "future," "going forward," "intends," "outlook," "plans," "target," "will," and similar statements. Such statements are based on management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties, and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance, or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties, or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.

    About Acorn International, Inc.

    Co-founded in 1998 by Executive Chairman Robert Roche, Acorn is a marketing and branding company in China with a proven track record of developing, promoting and selling a diverse portfolio of proprietary-branded products, as well as well-established and promising new products from third parties. Its business is currently comprised of two main divisions, its direct sales platforms and its nationwide distribution network. For more information visit www.acorninternationalir.com.

    Contact: Acorn International, Inc. Compass Investor Relations Ms. Naomi Deng Ms. Elaine Ketchmere, CFA Phone: +86-21-5151-2944 Phone: +1-310-528-3031 Email: dengqi@chinadrtv.com Email: Eketchmere@compass-ir.com www.acorninternationalir.com www.compassinvestorrelations.com

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/acorn-international-continues-to-defend-its-proprietary-and-licensed-brands-in-china-with-win-in-trademark-infringement-dispute-300400717.html

    Acorn International, Inc.

    Web site: http://www.acorninternationalir.com/




    Mastech Digital, Inc. to Discuss Fourth Quarter and Full Year 2016 Financial Results on February 8, 2017

    PITTSBURGH, Feb. 1, 2017 /PRNewswire/ -- Mastech Digital, Inc. ("Mastech"), a national provider of Information Technology staffing and digital transformation services, has scheduled a conference call to discuss the results for the fourth quarter and full year ended December 31, 2016. The conference call will occur on Wednesday, February 8, 2017 at 9:00 a.m. Eastern Time and will be hosted by Mr. Vivek Gupta, CEO, and Mr. Jack Cronin, CFO.

    The conference call can be accessed through a listen-only dial-in number or through a live webcast. To listen to the conference call, please dial 877-407-3980. The webcast will be available at www.mastechdigital.com via the Investor Relations section. Investors should log on 10 minutes prior to the start of the program.

    A replay of the call will be available for 7 days following its conclusion. Domestic callers can access the replay by dialing 877-660-6853 and entering conference number 13654807. International callers can access the replay by dialing 201-612-7415 and entering the same conference number 13654807. The webcast will be available for 7 days on Mastech Digital's corporate website.

    About Mastech Digital, Inc.:
    Mastech Digital is a national provider of IT staffing and digital transformation services focused on solving its customers' digital transformation challenges. The Company's IT staffing services span across digital and legacy technologies while its digital transformation services include Salesforce.com, SAP HANA and digital learning services. A minority-owned enterprise, Mastech Digital is headquartered in Pittsburgh, PA with offices across the U.S. and India. For more information, visit www.mastechdigital.com.

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mastech-digital-inc-to-discuss-fourth-quarter-and-full-year-2016-financial-results-on-february-8-2017-300400646.html

    Photo: http://mma.prnewswire.com/media/240343/mastech_holdings_logo.jpg Mastech Digital, Inc.

    CONTACT: Donna Kijowski, Manager, Investor Relations, Mastech Digital,
    Inc., 888.330.5497

    Web site: http://www.mastech.com/




    Synopsys Announces Earnings Release Date for First Quarter Fiscal Year 2017

    MOUNTAIN VIEW, Calif., Feb. 1, 2017 /PRNewswire/ -- Synopsys, Inc. today announced it will report results for the first quarter fiscal year 2017 on Wednesday, Feb. 15, 2017, after the market close.

    A conference call to review the results will begin at 2:00 p.m. PT (5:00 p.m. ET) and will be hosted by Aart de Geus, chairman and co-chief executive officer, and Trac Pham, chief financial officer.

    Financial and other statistical information to be discussed on this conference call will be available on the corporate website at www.synopsys.com, immediately before the call. A live webcast will also be available on this site. Participants should access the live webcast at least 10 minutes prior to the start of the call. A webcast replay can be accessed on the corporate website beginning Wednesday, Feb. 15, 2017, at approximately 4:00 p.m. PT. The replay will be available until Synopsys announces its second quarter fiscal year 2017 results in May 2017. In addition, a dial-up replay of the conference call will be available beginning Feb. 15, 2017, at 4:00 p.m. PT, ending on Feb. 22, 2017, at midnight. The replay telephone number is USA +1-800-475-6701, and International +1-320-365-3844, Access Code 417535.

    About Synopsys

    Synopsys, Inc. is the Silicon to Software(TM) partner for innovative companies developing the electronic products and software applications we rely on every day. As the world's 15th largest software company, Synopsys has a long history of being a global leader in electronic design automation (EDA) and semiconductor IP, and is also growing its leadership in software quality and security solutions. Whether you're a system-on-chip (SoC) designer creating advanced semiconductors, or a software developer writing applications that require the highest quality and security, Synopsys has the solutions needed to deliver innovative, high-quality, secure products. Learn more at www.synopsys.com.

    Investor Contact:
    Roberta Reid
    Synopsys, Inc.
    (650) 584-1901

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/synopsys-announces-earnings-release-date-for-first-quarter-fiscal-year-2017-300400743.html

    Synopsys, Inc.

    Web site: http://www.synopsys.com/

    Company News On-Call: http://www.prnewswire.com/comp/AAB595.html




    Exar Corporation Announces Fiscal 2017 Third Quarter Financial Results

    FREMONT, Calif., Feb. 1, 2017 /PRNewswire/ -- Exar Corporation a leading supplier of analog mixed-signal application specific technology solutions serving the Industrial, Infrastructure, Automotive, and Audio/Video markets, today announced financial results for the Company's fiscal year 2017 third quarter, which ended on January 1, 2017. Unless otherwise indicated, all non-GAAP financial results exclude the financial results of the iML Display business, which the Company has divested, and are presented in the GAAP results as discontinued operations.

    Fiscal 2017 Third Quarter Highlights

    --  Net sales of $27.2 million, down 1% sequentially
    --  GAAP gross margin of 49.4% (Non-GAAP gross margin of 53.4%)
    --  GAAP operating loss of $0.6 million (Non-GAAP operating income of $3.5
    million)
    --  GAAP EPS from continuing operations of $(0.01) (Non-GAAP EPS of $0.07)
    --  GAAP EPS from discontinued operations of $0.89 (Non-GAAP EPS of $0.02)
    --  iML divestiture completed
    --  Cash and equivalents, and short-term marketable securities of $228
    million
    

    Ryan Benton, Exar's Chief Executive Officer, commented, "Exar again delivered solid results for the third fiscal quarter of 2017. Sales grew 7.6% compared to the third quarter of fiscal 2016. Our financial results include reaching a non-GAAP gross margin of 53.4%, up 730 basis points from the same period a year ago, and at a level not seen at Exar in almost a decade."

    Mr. Benton added, "Our financial results reflect the success we are having in executing on our strategy. We are seeing the benefits of partnering with tier-one technology leaders to deliver high-value advanced power management and interface technology solutions. At the same time we have made tremendous improvements in our competitiveness by increasing the efficiency of our Company's supply chain. Both of these efforts offer additional efficiencies going forward, and I am pleased with our continued progress."

    Fiscal 2017 Third Quarter Highlights (Continuing Operations Only):
    The following highlights the Company's financial performance on both a GAAP and supplemental non-GAAP basis. The Company provides supplemental information regarding its operating performance on a non-GAAP basis that excludes certain gains, losses, and charges, which either occur relatively infrequently or which management considers to be outside our core operating results. Non-GAAP results are not in accordance with GAAP and may not be comparable to non-GAAP information provided by other companies. Non-GAAP information should be considered a supplement to, not a substitute for, financial statements prepared in accordance with GAAP. A complete reconciliation of GAAP to non-GAAP results is attached to this press release.

    --  Net Sales
    --  Third quarter net sales of $27.2 million decreased $0.4 million, or
    1.4%, from the previous quarter's $27.6 million, and increased 7.6%
    from the $25.3 million from the same period a year ago.
    --  Gross Margin
    --  GAAP gross margin of 49.4% increased from 47.8% reported in the
    previous quarter and the 43.4% reported in the third quarter last
    year.
    --  Non-GAAP gross margin of 53.4% increased from 51.9% reported in the
    previous quarter and the 46.1% reported in the third quarter last
    year.
    --  Operating Expenses
    --  GAAP operating expenses of $14.1 million increased $1.0 million and
    decreased $0.1 million from the previous quarter's expenses of $13.1
    million and the same period a year ago expenses of $14.2 million,
    respectively. Fiscal 2017 third quarter operating expenses included
    a charge of $3.2 million stock-based compensation expense.
    --  Non-GAAP operating expenses of $11.0 million increased by $0.4
    million and $0.3 million from the previous quarter's operating
    expenses of $10.6 million and from the same quarter in the prior
    year's expenses of $10.7 million, respectively.
    --  Net Income/Loss
    --  GAAP net loss was $0.3 million, compared to net income of $0.1
    million reported in the previous quarter, and compared to a net loss
    of $2.0 million reported in the third quarter of fiscal 2016. Note
    that the continuing operations do not include a gain of $45.4
    million related to the divestiture of our iML subsidiary, which is
    classified as part of discontinued operations.
    --  Non-GAAP net income of $3.4 million decreased $0.4 million from the
    previous quarter's net income of $3.8 million and increased $2.5
    million from the $0.9 million reported in the third quarter of
    fiscal 2016.
    --  Earnings/Loss Per Share
    --  GAAP loss per share was $0.01, compared to $0.00 reported in the
    previous quarter and a loss per share of $0.04 reported in the same
    period a year ago.
    --  Non-GAAP diluted earnings per share were $0.07, compared to $0.08
    reported in the previous quarter, and the $0.02 reported in the
    third period a year ago.
    

    Keith Tainsky, Exar's Chief Financial Officer, stated, "We remain committed to our goal of delivering predictable operating results and increasing shareholder value. Our continued efforts to drive efficiency and increased competitiveness through the supply chain are paying enormous dividends." Mr. Tainsky continued, "Even as the funnel of advanced product design wins grows, we will keep the pressure and focus on continual improvement in our supply chain."

    Fiscal 2017 Fourth Quarter Guidance:
    For the fiscal 2017 fourth quarter ending April 2, 2017, the Company expects results to be as follows:

    --  Net sales: $27.7 million, plus or minus $0.5 million
    --  GAAP gross margin: 50.0% to 52.0% (Non-GAAP 53.0% to 55.0%)
    --  GAAP operating expenses: $13.0 million to $14.0 million (Non-GAAP $11.0
    million to $11.5 million)
    --  GAAP EPS: $0.00 to $0.03 (Non-GAAP $0.07 to $0.09)
    

    Conference Call and Prepared Remarks
    Exar is providing a copy of prepared remarks in conjunction with its press release. These remarks are offered to provide stockholders and analysts with additional time and detail for analyzing results in advance of the Company's quarterly conference call. The remarks will be available at Exar's Investor webpage in conjunction with this press release.

    As previously scheduled, the conference call will begin today, February 1, 2017 at 4:45 p.m. EST (1:45 p.m. PST). To access the conference call, please dial (918) 534-8424 or (844) 359-0802. The passcode for the live call is 49098807. In addition, a live webcast will be available on Exar's Investor webpage.

    An archive of the conference call webcast will be available on Exar's Investor webpage after the conference call's conclusion.

    About Exar
    Exar's mission is to leverage our extensive analog and mixed-signal portfolio, experience and IP to deliver leading-edge application specific technology solutions to target markets where operational excellence and reliability are valued. We service the Industrial, Infrastructure, Automotive, and Audio/Video markets by acting as an extension of the customer's own technology organization and singularly focusing on exceeding customer expectations. For more information, visit http://www.exar.com.

    Forward-Looking Statements Safe Harbor Disclosure
    Except for historical information contained herein, this press release and matters discussed on the conference call contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements that the Company will continue to execute on its strategies, increase design wins, and keeping pressure and focus on continual improvements in our supply chain and the Company's financial outlook expectations for the fourth quarter ending April 2, 2017. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Therefore, actual outcomes and results may differ materially from what is expressed herein. For a discussion of these risks and uncertainties, the Company urges investors to review in detail the risks and uncertainties and other factors described in its Securities and Exchange Commission (SEC) filings, including, but not limited to, the "Risk Factors", "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of our public reports filed with the SEC, including our annual report on Form 10-K filed with the SEC on May 27, 2016 and our Form 10-Q filed with the SEC on August 10, 2016, and available on our Investor webpage and on the SEC website at www.sec.gov.

    Discussion of Non-GAAP Financial Measures
    The Company's non-GAAP measures exclude charges related to stock-based compensation, amortization of acquired intangible assets, impairment charges, gain upon closing sale-leaseback of our corporate headquarters, restructuring charges and exit costs which include costs for personnel whose positions have been eliminated as part of a restructuring or are in the process of being eliminated as part of the discontinuation of a product line, severance costs associated with the former CEO, the financial results of the iML Display business as well as the gain recognized from the sale of the iML business, accruals for and proceeds received from dispute resolutions and patent litigation, merger and acquisition and related integration costs, certain income tax benefits and credits, and related income tax effects on certain excluded items. The Company excludes these items primarily because they are significant special expense and gain estimates, which management separates for consideration when evaluating and managing business operations. The Company's management uses non-GAAP net income and non-GAAP earnings per share to evaluate its current operating results and financial results and to compare them against historical financial results. Management believes these non-GAAP measures are useful to investors because they are frequently used by securities analysts, investors and other interested parties in evaluating the Company and provide further clarity on its profitability.

    Unless otherwise indicated, all non-GAAP financial results exclude the financial results of the iML Display business, which the Company has divested, and are presented in the GAAP results as discontinued operations.

    In addition, the Company believes that providing investors with these non-GAAP measurements enhances their ability to compare the Company's business against that of its competitors who employ and disclose similar non-GAAP measures. However, the manner in which we calculate these non-GAAP financial measures may be different from non-GAAP methods of accounting and reporting used by the Company's competitors to the extent their non-GAAP measures include or exclude other items. The material limitation associated with the use of the non-GAAP financial measures is that the non-GAAP measures may not reflect the full economic impact of Exar's activities. Accordingly, investors are cautioned not to place undue reliance on non-GAAP information. The presentation of this additional information should not be considered a substitute for net income or net income per diluted share or other measures prepared in accordance with GAAP.

    Investors should refer to the reconciliation of Non-GAAP Results to GAAP Results, which is contained in this press release.

    For more information, visit http://www.exar.com
    For Press Inquiries Contact: press@exar.com

    For Investor Relations Contact: Keith Tainsky, CFO Laura Guerrant-Oiye, Investor Relations Phone: (510) 668-7201 Phone: (510) 668-7201 Email: investorrelations@exar.com Email: laura.guerrant@exar.com

    -Tables follow-

    Unless otherwise indicated, all financial results presented in the following tables exclude the financial results of the iML Display business, which the Company has divested, and are presented as discontinued operations.

    FINANCIAL COMPARISON (In thousands, except per share amounts) (Unaudited) GAAP Results THREE MONTHS ENDED NINE MONTHS ENDED ------------------ ----------------- JANUARY 1, 2017 OCTOBER 2, 2016 DECEMBER 27, 2015 JANUARY 1, 2017 DECEMBER 27, 2015 --------------- --------------- ----------------- --------------- ----------------- Industrial $19,141 70% $19,042 69% $16,851 66% $56,619 69% $53,450 70% Infrastructure 4,034 15% 5,065 18% 4,308 17% 14,695 18% 11,006 14% Audio/Video 2,721 10% 1,840 7% 2,764 11% 6,413 8% 6,726 9% Automotive 772 3% 961 3% 920 4% 2,512 3% 2,725 4% Other 554 2% 693 3% 467 2% 1,720 2% 2,341 3% --- --- --- ----- ----- Net Sales $27,222 100% $27,601 100% $25,310 100% $81,959 100% $76,248 100% ======= ======= ======= ======= ======= Gross Profit $13,456 49% $13,193 48% $10,975 43% $40,011 49% $32,406 43% Operating Expenses $14,073 52% $13,112 48% $14,154 56% $32,677 40% $44,087 58% Income (loss) from operations $(617) -2% $81 0% $(3,179) -13% $7,334 9% $(11,681) -15% Net income (loss) from continuing operations $(281) -1% $83 0% $(2,045) -8% $7,345 9% $(6,489) -9% Net income (loss) per share from continuing operations Basic $(0.01) $0.00 $(0.04) $0.15 $(0.13) Diluted $(0.01) $0.00 $(0.04) $0.15 $(0.13) Non-GAAP Results THREE MONTHS ENDED NINE MONTHS ENDED ------------------ ----------------- JANUARY 1, 2017 OCTOBER 2, 2016 DECEMBER 27, 2015 JANUARY 1, 2017 DECEMBER 27, 2015 --------------- --------------- ----------------- --------------- ----------------- Gross Profit $14,523 53% $14,331 52% $11,667 46% $42,924 52% $33,737 44% Operating Expenses $11,040 41% $10,605 38% $10,677 42% $31,732 39% $34,685 45% Income from operations $3,483 13% $3,726 13% $990 4% $11,192 14% $(948) -1% Net income (loss) from continuing operations $3,434 13% $3,839 14% $888 4% $11,071 14% $(1,233) -2% Net income (loss) per share from continuing operations Basic $0.07 $0.08 $0.02 $0.22 $(0.03) Diluted $0.07 $0.08 $0.02 $0.22 $(0.03)

    EXAR CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) THREE MONTHS ENDED NINE MONTHS ENDED ------------------ ----------------- JANUARY 1, OCTOBER 2, DECEMBER 27, JANUARY 1, DECEMBER 27, 2017 2016 2015 2017 2015 ---- ---- ---- ---- ---- Net sales $18,845 $20,400 $16,884 $58,881 $47,740 Net sales, related party 8,377 7,201 8,426 23,078 28,508 Total net sales 27,222 27,601 25,310 81,959 76,248 ------ ------ ------ ------ ------ Cost of sales: Cost of sales (1) 10,054 11,008 9,716 31,473 29,922 Cost of sales, related party 3,118 2,581 4,025 8,468 12,847 Restructuring charges and exit costs - 225 - 225 740 Proceeds from legal settlement - - - - (1,500) Amortization of purchased intangible assets 594 594 594 1,782 1,833 Total cost of sales 13,766 14,408 14,335 41,948 43,842 ------ ------ ------ ------ ------ Gross profit 13,456 13,193 10,975 40,011 32,406 ------ ------ ------ ------ ------ Operating expenses: 49.4% 47.8% 43.4% 48.8% 42.5% Research and development(2) 4,964 4,945 4,734 14,840 17,007 Selling, general and administrative (3) 9,109 7,752 6,781 23,425 21,690 Restructuring charges and exit costs - - 2,639 923 4,846 Merger and acquisition costs - 415 - 1,270 544 Impairment of design tools - - - 1,519 - Gain on disposal of property - - - (9,300) - Total operating expenses 14,073 13,112 14,154 32,677 44,087 Income (loss) from operations (617) 81 (3,179) 7,334 (11,681) Other income and expense, net: Interest income and other, net 212 85 (12) 299 (60) Interest expense and other, net (80) (29) (65) (147) (158) --- --- --- ---- ---- Total other income (expense), net 132 56 (77) 152 (218) Income (loss) before income taxes (485) 137 (3,256) 7,486 (11,899) Provision for (benefit from) income taxes (204) 54 (1,211) 141 (5,410) ---- --- ------ --- ------ Net income (loss) from continuing operations (281) 83 (2,045) 7,345 (6,489) ---- --- ------ ----- ------ Net income (loss) from discontinued operations 45,660 925 (5,092) 47,982 (7,355) Net income (loss) $45,379 $1,008 $(7,137) $55,327 $(13,844) ======= ====== ======= ======= ======== Income (loss) per share - basic From continuing operations $(0.01) $0.00 $(0.04) $0.15 $(0.13) From discontinued operations 0.91 0.02 (0.11) 0.97 (0.15) Income (loss) per share - basic $0.90 $0.02 $(0.15) $1.12 $(0.28) ===== ===== ====== ===== ====== Income (loss) per share - diluted From continuing operations $(0.01) $0.00 $(0.04) $0.15 $(0.13) From discontinued operations 0.89 0.02 (0.11) 0.95 (0.15) Income (loss) per share - diluted $0.88 $0.02 $(0.15) $1.10 $(0.28) ===== ===== ====== ===== ====== Shares used in the computation of net income (loss) per share: Basic 50,409 49,614 48,386 49,548 48,146 ====== ====== ====== ====== ====== Diluted 51,365 50,434 48,386 50,261 48,146 ====== ====== ====== ====== ====== (1)Stock-based compensation included in cost of sales $473 $301 $98 $888 $257 (2)Stock-based compensation included in R&D 926 524 116 1,696 508 (3)Stock-based compensation included in SG&A 2,234 1,579 597 4,546 3,045

    EXAR CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) JANUARY 1, OCTOBER 2, MARCH 27, 2017 2016 2016 ---- ---- ---- ASSETS Current assets: Cash and cash equivalents $102,023 $96,382 $55,070 Short term marketable securities 125,621 - - Accounts receivable, net 12,842 15,693 16,130 Accounts receivable, related party, net 4,977 3,184 3,247 Inventories 24,221 23,245 20,807 Other current assets 3,081 2,000 1,922 Assets held for sale - 89,745 93,911 --- ------ ------ Total current assets 272,765 230,249 191,087 Property, plant and equipment, net 3,926 4,984 20,299 Goodwill 31,613 31,613 31,613 Intangible assets, net 9,602 10,307 11,735 Other non-current assets 5,605 972 639 ----- --- --- Total assets $323,511 $278,125 $255,373 ======== ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $9,558 $7,200 $11,258 Accrued compensation and related benefits 2,276 2,839 2,984 Deferred income and allowances on sales to distributors 3,221 3,017 3,053 Deferred income and allowances on sales to distributors, 2,988 3,357 4,683 related party Other current liabilities 10,200 11,800 10,669 Liabilities held for sale - 7,376 3,470 --- ----- ----- Total current liabilities 28,243 35,589 36,117 Long-term lease financing obligations - 428 1,285 Other non-current obligations 3,536 4,094 3,422 ----- ----- ----- Total liabilities 31,779 40,111 40,824 Stockholders' equity 291,732 238,014 214,549 ------- ------- ------- Total liabilities and stockholders' equity $323,511 $278,125 $255,373 ======== ======== ========

    EXAR CORPORATION AND SUBSIDIARIES SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS (In thousands, except per share amounts) (Unaudited) THREE MONTHS ENDED JANUARY 1, 2017 --------------- Gross Margin Oper. Expenses Income/Loss from Net Income from Oper. Income from Net Income from Net Income Oper. Cont. Operations Disc. Operations Disc. Operations --- GAAP amount $13,456 $14,073 $(617) $(281) $136 $45,660 $45,379 Adjustments to GAAP amounts: Amortization of purchased intangible assets 594 (108) 702 702 - - 702 Stock-based compensation 473 (3,160) 3,633 3,633 209 209 3,842 Transition service and retention charges for disposal group - (163) 163 163 621 621 784 Gain on disposal of property - 398 (398) (398) - - (398) Gain on divestiture of Integrated Memory Logic - - - - - (45,384) (45,384) Income tax effects - - - (385) - - (385) --- --- --- ---- --- --- ---- Non-GAAP amount $14,523 $11,040 $3,483 $3,434 $966 $1,106 $4,540 ======= ======= ====== ====== ==== ====== ====== % of revenue 53.4% 40.6% 12.8% 12.6% N/A Non-GAAP net income per share $0.07 $0.02 Shares used in the computation of Non-GAAP net income per share 52,394 52,394 THREE MONTHS ENDED OCTOBER 2, 2016 --------------- Gross Margin Oper. Expenses Income from Oper. Net Income from Oper. Income from Net Income from Net Income Cont. Operations Disc. Operations Disc. Operations --- GAAP amount $13,193 $13,112 $81 $83 $1,034 $925 $1,008 Adjustments to GAAP amounts: Amortization of purchased intangible assets 594 (108) 702 702 - - 702 Restructuring charges and other non-GAAP exit costs, net 243 - 243 243 - - 243 Stock-based compensation 301 (2,103) 2,404 2,404 761 761 3,165 Merger and acquisition costs - (415) 415 415 - - 415 Transition service and retention charges for disposal group - (279) 279 279 965 965 1,244 Gain on disposal of property - 398 (398) (398) - - (398) Income tax effects - - - 111 - 112 223 --- --- --- --- --- --- --- Non-GAAP amount $14,331 $10,605 $3,726 $3,839 $2,760 $2,763 $6,602 ======= ======= ====== ====== ====== ====== ====== % of revenue 51.9% 38.4% 13.5% 13.9% N/A Non-GAAP net income per share $0.08 $0.05 Shares used in the computation of Non-GAAP net income per share 51,165 51,165 THREE MONTHS ENDED DECEMBER 27, 2015 ----------------- Gross Margin Oper. Expenses Oper. Income Net Income (Loss) Oper. Income from Net Income (Loss) Net Income (Loss) (Expense) from Cont. Disc. Operations from Disc. Operations Operations --- GAAP amount $10,975 $14,154 $(3,179) $(2,045) $(3,675) $(5,092) $(7,137) Adjustments to GAAP amounts: Amortization of purchased intangible assets 594 (125) 719 719 2,677 2,677 3,396 Restructuring charges and other non-GAAP exit costs, net - (2,639) 2,639 2,639 7 7 2,646 Stock-based compensation 98 (713) 811 811 231 231 1,042 Accruals for legal settlement and associated costs - - - - 1,498 1,498 1,498 Impairment of intangible assets - - - - 1,807 1,807 1,807 Income tax effects - - - (1,236) - 1,361 125 --- --- --- ------ --- ----- --- Non-GAAP amount $11,667 $10,677 $990 $888 $2,545 $2,489 $3,377 ======= ======= ==== ==== ====== ====== ====== % of revenue 46.1% 42.2% 3.9% 3.5% N/A Non-GAAP net income per share $0.02 $0.05 Shares used in the computation of Non-GAAP net income (loss) per share 49,064 49,064 EXAR CORPORATION AND SUBSIDIARIES SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS (In thousands, except per share amounts) (Unaudited) NINE MONTHS ENDED JANUARY 1, 2017 --------------- Gross Margin Oper. Expenses Oper. Income Net Income from Oper. Income from Net Income from Net Income Cont. Operations Disc. Operations Disc. Operations --- GAAP amount $40,011 $32,677 $7,334 $7,345 $2,663 $47,982 $55,327 Adjustments to GAAP amounts: Amortization of purchased intangible assets 1,782 (341) 2,123 2,123 1,806 1,806 3,929 Restructuring charges and other non-GAAP exit costs, net 243 (923) 1,166 1,166 109 109 1,275 Stock-based compensation 888 (6,242) 7,130 7,130 918 918 8,048 Merger and acquisition costs - (1,270) 1,270 1,270 - - 1,270 Transition service and retention charges for disposal group - (746) 746 746 1,586 1,586 2,332 Impairment of design tools - (1,519) 1,519 1,519 - - 1,519 Gain on disposal of property - 10,096 (10,096) (10,096) - - (10,096) Gain on divestiture of Integrated Memory Logic - - - - - (45,384) (45,384) Income tax effects - - - (132) - 272 140 --- --- --- ---- --- --- --- Non-GAAP amount $42,924 $31,732 $11,192 $11,071 $7,082 $7,289 $18,360 ======= ======= ======= ======= ====== ====== ======= % of revenue 52.4% 38.7% 13.7% 13.5% N/A Non-GAAP net income per share $0.22 $0.14 Shares used in the computation of Non-GAAP net income per share 50,960 50,960 NINE MONTHS ENDED DECEMBER 27, 2015 ----------------- Gross Margin Oper. Expenses Oper. Income Net Income (Loss) Oper. Income from Net Income (Loss) Net Income (Loss) (Expense) from Cont. Disc. Operations from Disc. Operations Operations --- GAAP amount $32,406 $44,087 $(11,681) $(6,489) $(2,763) $(7,355) $(13,844) Adjustments to GAAP amounts: Amortization of purchased intangible assets 1,833 (394) 2,227 2,227 7,936 7,936 10,163 Restructuring charges and other non-GAAP exit costs, net 740 (4,869) 5,609 5,609 752 752 6,361 Stock-based compensation 258 (3,552) 3,810 3,810 621 621 4,431 Accruals for legal settlement and associated costs (1,500) - (1,500) (1,500) 1,699 1,699 199 Impairment of intangible assets - - 1,807 1,807 1,807 Merger and acquisition costs - (587) 587 587 124 124 711 Income tax effects - - - (5,477) - 4,394 (1,083) --- --- --- ------ --- ----- ------ Non-GAAP amount $33,737 $34,685 $(948) $(1,233) $10,176 $9,978 $8,745 ======= ======= ===== ======= ======= ====== ====== % of revenue 44.2% 45.5% -1.2% -1.6% N/A Non-GAAP net income (loss) per share $(0.03) $0.20 Shares used in the computation of Non-GAAP net income (loss) per share 48,146 49,512

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/exar-corporation-announces-fiscal-2017-third-quarter-financial-results-300400691.html

    Exar Corporation

    Web site: http://www.exar.com/




    AT&T Network 3.0 Indigo Redefining Connectivity through Software Control, Big Data and Blazing SpeedFirst 5G Evolution Markets in Austin and Indianapolis this Year Will Deliver Peak Theoretical Wireless Speeds of 400Mbps or HigherVirtualization Goal is 55% By Year End 2017ECOMP Platform Transitioning into Open Source via Linux FoundationData Platforms to Enable New Insights in Health Care and Other Fields

    SAN FRANCISCO, Feb. 1, 2017 /PRNewswire/ -- Your network experience is more than just a "G" thing. It's more than just speeds and feeds. It's about what you can do with your connection. What your connection does for you. It's about security and privacy. It's about being data-powered. It's about software control and embracing the power and innovation of the open source community.

    AT&T* is bringing this all together in a platform we call AT&T Network 3.0 Indigo ("Indigo").

    "We see Indigo as the third generation of modern networking," said John Donovan, chief strategy officer and group president, Technology and Operations. "Indigo is our term for a world where it isn't just your connection speeds that are accelerating, but every element of the network becomes more seamless, efficient and capable. It is a living, evolving, upgradeable platform. Think of Indigo like the operating system on your phone. We're taking that model to the network."

    People won't ask how fast their connection is. They'll ask, 'Can I livestream a virtual reality broadcast of my trip to the beach?', or 'Can my bank securely and quickly authenticate a purchase I want to make when I'm traveling?'

    Wireless technologies like 5G will be part of what enables that experience. But elements like Big Data, artificial intelligence (AI) and machine learning, cybersecurity and software-defined networking (SDN) are just as critical. All of that is Indigo.

    At an event in San Francisco today, AT&T laid out several elements of its network innovation that are helping the company drive to Indigo:

    --  5G Evolution - It all starts with connectivity. And we're at the
    forefront of the push to next-generation network connections. We'll
    launch our first "5G Evolution Markets" in the coming months in Austin
    and Indianapolis. We expect our wireless network to offer theoretical
    peak speeds of 400Mbps or higher.**  As we continue densifying our
    network and deploying technologies, like carrier aggregation and
    LTE-License Assisted Access (LAA), we expect to enable theoretical peak
    speeds up to 1Gbps in some areas in 2017.Additionally, we're building 2
    new 5G testbeds set to go on-air this spring at the AT&T Labs in Austin.
    Last fall, we launched what we believe to be the industry's first 5G
    business customer trial in Austin. These new testbeds will support our
    existing 5G work, as well as trials using a fixed wireless 5G connection
    and the ability to stream DIRECTV NOW and access enhanced broadband
    services for residential and small-to-medium business customers in
    Austin.The testbeds will include dedicated 5G outdoor and indoor test
    locations. They'll feature flexible infrastructure to allow
    modifications and updates as 5G standards develop. We will work with
    multiple vendors to evaluate advanced 5G technology concepts for both
    fixed and mobile solutions, test network infrastructure and devices and
    explore 5G signal coverage for the 28GHz, 39GHz, and sub-6GHz frequency
    bands. We believe the massive bandwidth and low latency of 5G will help
    enable applications like self-driving cars and mobile augmented reality
    and virtual reality headsets.
    --  Software-defined networking - Data on our mobile network has increased
    about 250,000% since 2007, and most of that traffic is video. SDN is
    essential to handle this data growth that will continue to accelerate.
    We've already converted 34% of our network functionality to SDN and are
    on our way to 75% by 2020. Millions of wireless customers are already
    using our virtualized and software controlled network. Today, we're
    announcing our network virtualization goal for year end 2017 is 55%.
    --  Open sourcing ECOMP - ECOMP is the orchestration platform we created to
    power our software-defined network. Today, we're officially announcing
    that ECOMP will be part of an open source project, hosted by the Linux
    Foundation. The Linux Foundation will release more information about
    this project in the coming weeks. You can learn more about our work on
    ECOMP here.
    --  Data Platform - At our January Developer Summit in Las Vegas, we
    unveiled our push to create a trusted environment where organizations
    can share data and collaborate on analytics in a secure environment. One
    where privacy choices and requirements are respected. We told you a
    deeper explanation of this was coming and today we're releasing it.Last
    month, we used healthcare as an example of our vision. Doctors,
    hospitals, pharmacies and researchers all want better, trusted ways to
    share data while maintaining patient privacy. This could speed the cure
    of cancer and other diseases. Patients could participate in medical
    trials far away from university hospitals. Imagine a data-sharing
    community for smart cities initiatives. Or a cybersecurity community
    with machine-learning from all threats to its members, not just threats
    against one member. Such a community has the potential to vastly improve
    its protection.You can find this deeper explanation here. We have more
    to share on this in coming months as well.
    

    This is a lot to digest and it challenges decades-long way of thinking about networking. We've captured Indigo and how all these pieces come together into one platform here. This highlights what Indigo means for AT&T, but more importantly, what it means for customers and developers.

    "Indigo is unique because it will be data powered and software controlled," said Andre Fuetsch, president AT&T Labs and chief technology officer. "Those are powerful tools, but they also require a unique level of collaboration with software developers and other third parties. In particular, we think the open source community has a huge role. Open source ECOMP is part of that. We're also heavy users and developers of OpenStack, Open Contrail and other open source software tools. We encourage developers and other innovators to get involved. We need their input as much as we need the expertise of the big, traditional vendors."

    *AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc.
    **5G Evolution peak theoretical wireless speeds will be enabled in select market areas and require a compatible device.

    About AT&T
    AT&T Inc. helps millions around the globe connect with leading entertainment, mobile, high speed internet and voice services. We offer entertainment your way on the nation's best data network.* We're one of the world's largest providers of pay TV. We have TV customers in the U.S. and 11 Latin American countries. We offer the best global coverage of any U.S. wireless provider.** And we help businesses worldwide serve their customers better with our mobility and highly secure cloud solutions.

    Additional information about AT&T products and services is available at http://about.att.com. Follow our news on Twitter at @ATT, on Facebook at http://www.facebook.com/att and YouTube at http://www.youtube.com/att.

    (C) 2017 AT&T Intellectual Property. All rights reserved. AT&T, the Globe logo and other marks are trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks contained herein are the property of their respective owners.

    (* )Claim based on the Nielsen Certified Data Network Score. Score includes data reported by wireless consumers in the Nielsen Mobile Insights survey, network measurements from Nielsen Mobile Performance and Nielsen Drive Test Benchmarks for Q2+Q3 2016 across 121 markets.

    **Global coverage claim based on offering discounted voice and data roaming; LTE roaming; and voice roaming in more countries than any other U.S. based carrier. International service required. Coverage not available in all areas. Coverage may vary per country and be limited/restricted in some countries.

    Cautionary Language Concerning Forward-Looking Statements

    Information set forth in this news release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise.

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/att-network-30-indigo-redefining-connectivity-through-software-control-big-data-and-blazing-speed-300400573.html

    Photo: http://mma.prnewswire.com/media/355192/at_t_inc__logo.jpg AT&T Inc.

    CONTACT: Jeff Kobs, AT&T, Director, Global Media Relations, 214-236-0113,
    jeffrey.kobs@att.com

    Web site: http://www.att.com/




    Table Trac signs contract with Shoalwater Bay Casino to replace existing casino management system

    MINNETONKA, Minn., Feb. 1, 2017 /PRNewswire/ -- Table Trac, Inc. (OTCQB: TBTC) announces the signing of an agreement to install its CasinoTrac management system at the Shoalwater Bay Casino in Tokeland, Washington.

    Table Trac will provide Shoalwater Bay with a complete suite of casino management products that includes reporting, slot auditing, accounting, patron management and dispatching, along with marketing and promotional solutions, which assist casinos in creating player loyalty and growing revenues. The project has the backing of the Shoalwater Bay Indian Tribe, along with the Willapa Bay Enterprises Corporation, in taking this major step forward.

    "We are excited about our selection of the CasinoTrac management system," stated Johnny Winokur, General Manager of the Shoalwater Bay Casino. "CasinoTrac not only gives us the auditing and accounting functionality of a reliable management system, but it also provides us with state-of-the-art marketing and promotional features to the benefit of our customers."

    Brian Hinchley, Chief Executive Officer of Table Trac, stated, "Our contract signing with Shoalwater Bay Casino indicates we are accomplishing our goals of offering a rock solid, innovative product at an affordable price, and supporting it with world-class customer service. If we remain focused on these objectives, our number of enthusiastic customers will continue to grow."

    About Table Trac, Inc.

    Founded in 1995, Table Trac, Inc. designs, develops and sells information and management systems. The company has systems installed in North, South, and Central America, as well as the Caribbean. More information is available at http://www.tabletrac.com/.

    Forward Looking Statements
    This press release contains forward-looking statements that involve numerous risks and uncertainties. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Company's filings with the Securities and Exchange Commission.

    For more information:
    Brian Hinchley
    Table Trac, Inc.
    952-548-8877

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/table-trac-signs-contract-with-shoalwater-bay-casino-to-replace-existing-casino-management-system-300400804.html

    Table Trac, Inc.

    Web site: http://www.tabletrac.com/




    Cavium Announces Financial Results for Q4 2016

    SAN JOSE, Calif., Feb. 1, 2017 /PRNewswire/ -- Cavium, Inc. , a leading provider of semiconductor products that enable intelligent processing for enterprise, data center, cloud, wired and wireless networking, today announced financial results for the fourth quarter ended December 31, 2016.

    Net revenue in the fourth quarter of 2016 was $226.2 million, a 34.5% sequential increase from the $168.1 million reported in the third quarter of 2016 and 124.0% from the $100.9 million reported in the fourth quarter of 2015.

    Generally Accepted Accounting Principles (GAAP) Results

    Net loss for the fourth quarter of 2016 was $121.6 million, or ($1.82) per diluted share, compared to $14.4 million, or ($0.23) per diluted share in the third quarter of 2016. Gross margins were 43.4% in the fourth quarter of 2016 compared to 28.2% in the third quarter of 2016. GAAP operating loss (GAAP loss from operations as a percentage of revenue) was 12.9% in the fourth quarter of 2016 compared to 56.1% in the third quarter of 2016. Total cash and cash equivalents were $221.4 million at December 31, 2016.

    Non-GAAP Results

    Cavium believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to Cavium's financial condition and results of operations. Cavium believes that these non-GAAP financial measures provide additional insight into Cavium's ongoing performance and core operational activities and has chosen to provide these measures for more consistent and meaningful comparison between periods. These measures should only be used to evaluate Cavium's results of operations in conjunction with the corresponding GAAP measures. The reconciliation between GAAP and non-GAAP financial results is provided in the financial statements portion of this release.

    In the fourth quarter of 2016, Non-GAAP net income was $39.8 million, or $0.56 per diluted share. Non-GAAP gross margin was 65.0% and Non-GAAP operating margin (non-GAAP income from operations as a percentage of revenue) was 21.6%.

    Recent News Highlights

    --  January 31, 2017  - Cavium QLogic Leads Ethernet & Fibre Channel I/O
    Innovation for Next Generation Servers
    --  January 24, 2017  - Cavium Contributes to the First Programmable Wedge
    100C Switch Design to OCP
    --  January 17, 2017  - Cavium QLogic Delivers Expanded Options for Server
    and Storage Connectivity
    --  January 16, 2017 - Cavium's XPliant Family of Ethernet Switches Received
    Linley Group's Analysts' Choice Award for Best Networking Chip 2016
    --  December 8, 2016 - Cavium and China Unicom Signed Collaboration
    Agreement for Virtualized RAN Technology
    --  November 15, 2016 - Cavium and Leading Partners Showcased ThunderX
    ARM-based Server Platforms, QLogic FastLinQ Ethernet Adapters and Fibre
    Channel HBAs for High Performance Computing at SC16
    

    Cavium will broadcast its fourth quarter of 2016 financial results conference call today, February 1, 2017, at 2 p.m. Pacific time (5 p.m. Eastern time). The conference call will be available via a live web cast on the investor relations section of the Cavium website at http://www.cavium.com. Please access the website at least a few minutes prior to the start of the call in order to download and install any necessary audio software. An archived web cast replay of the call will be available on the web site for a limited period of time.

    About Cavium

    Cavium offers a broad portfolio of integrated, software compatible processors ranging in performance from 1Gbps to 100Gbp that enable secure, intelligent functionality in Enterprise, Data Center, Broadband, Mobile and Service Provider Equipment, highly programmable switches which scale to 3.2Tbps and Ethernet and Fibre Channel adapters up to 100Gbps. Cavium processors are supported by ecosystem partners that provide operating systems, tools and application support, hardware reference designs and other products. Cavium is headquartered in San Jose, CA with design centers in California, Massachusetts, India, Israel, China and Taiwan. For more information, please visit: http://www.cavium.com.

    CAVIUM, INC. Unaudited GAAP Condensed Consolidated Statements of Operations (in thousands, except per share amounts) Three Months Ended ------------------ December 31, 2016 September 30, 2016 ----------------- ------------------ Net revenue $226,151 $168,123 Cost of revenue 127,926 120,709 ------- ------- Gross profit 98,225 47,414 ------ ------ Operating expenses: Research and development 87,031 67,752 Sales, general and administrative 40,340 73,904 ------ ------ Total operating expenses 127,371 141,656 ------- ------- Loss from operations (29,146) (94,242) ------- ------- Other income (expense), net: Interest expense (8,073) (4,268) Other, net 158 54 --- --- Total other expense, net (7,915) (4,214) ------ ------ Loss before income taxes (37,061) (98,456) Provision for (benefit from) income taxes 84,539 (84,090) ------ ------- Net loss $(121,600) $(14,366) ========= ======== Net loss per common share, basic and diluted $(1.82) $(0.23) Shares used in computing basic and diluted net loss per common share 66,949 62,055

    CAVIUM, INC. Unaudited Reconciliation of Non-GAAP Adjustments (in thousands, except per share data and percentages) Three Months Ended ------------------ December 31, 2016 September 30, 2016 ----------------- ------------------ Reconciliation of GAAP gross profit and margin to non-GAAP: Net revenue $226,151 $168,123 GAAP gross profit 98,225 47,414 GAAP gross margin 43.4% 28.2% Stock-based compensation and related payroll taxes from awards granted by the Company 509 274 Stock-based compensation and related payroll taxes from awards assumed from the acquisition 75 134 Purchase accounting effect on inventory 21,015 9,888 Manufacturing rights buy-out - 37,059 Amortization of acquisition related assets 27,176 12,880 ------ ------ Non-GAAP gross profit $147,000 $107,649 ======== ======== Non-GAAP gross margin 65.0% 64.0% ==== ==== Reconciliation of GAAP operating expenses to non-GAAP: GAAP research and development expenses $87,031 $67,752 Stock-based compensation and related payroll taxes from awards granted by the Company (11,030) (9,644) Stock-based compensation expense related to employees with change in control provision - (956) Stock-based compensation and related payroll taxes from awards assumed from the acquisition (2,635) (1,363) Amortization of acquisition related assets (1,507) (2,643) IPR&D written-off (2,000) - ------ --- Non-GAAP research and development expenses 69,859 53,146 ------ ------ GAAP sales, general and administrative expenses 40,340 73,904 Stock-based compensation and related payroll taxes from awards granted by the Company (7,734) (7,554) Stock-based compensation expense related to employees with change in control provision - (15,625) Stock-based compensation and related payroll taxes from awards assumed from the acquisition (700) (1,097) Acquisition and integration related costs (2,282) (13,486) Amortization of acquisition related assets (1,422) (524) Restructuring, severance and other employment charges - (13,477) --- ------- Non-GAAP sales, general and administrative expenses 28,202 22,141 ------ ------ Total Non-GAAP operating expenses $98,061 $75,287 ======= ======= Reconciliation of GAAP non-operating expenses to non-GAAP: GAAP other expense, net $(7,915) $(4,214) Interest expense and amortization of debt financing cost associated with interim term loan facility 164 522 --- --- Non-GAAP other expense, net $(7,751) $(3,692) ======= ======= Reconciliation of GAAP Income tax to non- GAAP: GAAP provision for (benefit from) income tax $84,539 $(84,090) Acquisition related tax adjustments (83,174) 84,792 ------- ------ Non-GAAP provision for income tax $1,365 $702 ====== ====

    CAVIUM, INC. Unaudited Reconciliation of Non-GAAP Adjustments (in thousands, except per share data and percentages) Three Months Ended ------------------ December 31, 2016 September 30, 2016 ----------------- ------------------ Reconciliation of GAAP loss from operations to non-GAAP income from operations: GAAP loss from operations $(29,146) $(94,242) Stock-based compensation and related payroll taxes from awards granted by the Company 19,273 17,472 Stock-based compensation expense related to employees with change in control provision - 16,581 Stock-based compensation and related payroll taxes from awards assumed from the acquisition 3,410 2,594 Purchase accounting effect on inventory 21,015 9,888 Amortization of acquisition related assets 30,105 16,047 Acquisition and integration related costs 2,282 13,486 Manufacturing rights buy-out - 37,059 Restructuring, severance and other employment charges - 13,477 IPR&D written-off 2,000 - ----- --- Non-GAAP income from operations $48,939 $32,362 ======= ======= Non-GAAP income from operations as a percentage of revenue 21.6% 19.2% ==== ==== Reconciliation of GAAP net loss to non-GAAP net income: GAAP net loss $(121,600) $(14,366) Non-GAAP adjustments: Stock-based compensation and related payroll taxes from awards granted by the Company 19,273 17,472 Stock-based compensation expense related to employees with change in control provision - 16,581 Stock-based compensation and related payroll taxes from awards assumed from the acquisition 3,410 2,594 Purchase accounting effect on inventory 21,015 9,888 Amortization of acquisition related assets 30,105 16,047 Acquisition and integration related costs 2,282 13,486 Manufacturing rights buy-out - 37,059 Restructuring, severance and other employment charges - 13,477 IPR&D written-off 2,000 - Interest expense and amortization of debt financing cost associated with interim term loan facility 164 522 Acquisition related tax adjustments 83,174 (84,792) ------ ------- Total of non-GAAP adjustments 161,423 42,334 ------- ------ Non-GAAP net income $39,823 $27,968 ======= ======= GAAP net loss per share, diluted $(1.82) $(0.23) ====== ====== Non-GAAP adjustments detailed above 2.38 0.66 Non-GAAP net income per share, diluted $0.56 $0.43 ===== ===== GAAP weighted average shares, diluted 66,949 62,055 Non-GAAP share adjustment 4,365 3,062 ----- ----- Non-GAAP weighted average shares, diluted 71,314 65,117

    CAVIUM, INC. Unaudited GAAP Condensed Consolidated Balance Sheets (in thousands) As of ----- December 31, 2016 September 30, 2016 ----------------- ------------------ Assets Current assets Cash and cash equivalents $221,439 $192,378 Accounts receivable, net 125,728 144,902 Inventories 119,692 118,936 Prepaid expenses and other current assets 22,259 20,556 Asset held for sale - 38,511 --- ------ Total current assets 489,118 515,283 Property and equipment, net 150,862 122,114 Intangible assets, net 764,885 790,368 Goodwill 241,067 319,021 Other assets 4,599 3,922 ----- ----- Total assets $1,650,531 $1,750,708 ========== ========== Liabilities and Stockholders' Equity Current liabilities Accounts payable $65,456 $55,009 Accrued expenses and other current liabilities 64,967 43,163 Deferred revenue 8,412 9,399 Current portion of long-term debt 3,865 53,774 Capital lease and technology license obligations 25,535 27,747 ------ ------ Total current liabilities 168,235 189,092 Long-term debt 675,414 676,372 Capital lease and technology license obligations, net of current 27,878 11,780 Deferred tax liability 18,774 17,270 Other non-current liabilities 18,386 18,266 ------ ------ Total liabilities 908,687 912,780 ------- ------- Stockholders' equity Common stock 67 66 Additional paid-in capital 1,079,043 1,052,840 Accumulated deficit (336,621) (215,021) Accumulated other comprehensive loss (645) 43 ---- --- Total stockholders' equity 741,844 837,928 ------- ------- Total liabilities and stockholders' equity $1,650,531 $1,750,708 ========== ==========

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cavium-announces-financial-results-for-q4-2016-300400626.html

    Photo: http://mma.prnewswire.com/media/326314/cavium_networks_logo.jpg Cavium, Inc.

    CONTACT: Art Chadwick, Vice President of Finance and Administration and
    Chief Financial Officer, Tel: (408) 943-7104, Email:
    art.chadwick@cavium.com; Angel Atondo, Senior Marketing Communications
    Manager, Tel: (408) 943-7417, Email: angel.atondo@cavium.com

    Web site: http://www.cavium.com/




    IAC Earnings Release and Letter to Shareholders Available on Company's IR Site

    NEW YORK, Feb. 1, 2017 /PRNewswire/ -- IAC posted its fourth quarter and full year financial results and a letter to shareholders on the investor relations section of its website at http://www.iac.com/Investors. As announced previously, the Company will host a conference call tomorrow, Thursday, February 2, 2017, at 8:30 a.m. Eastern Time (ET) to discuss the earnings release. Participating in the call for IAC will be Joey Levin, CEO of IAC and Glenn H. Schiffman, Executive Vice President and CFO of IAC. The live audiocast and replay will be open to the public at http://www.iac.com/Investors.

    About IAC
    IAC is a leading media and Internet company comprised of widely known consumer brands such as HomeAdvisor, Vimeo, About.com, Dictionary.com, The Daily Beast, Investopedia, and Match Group's online dating portfolio, which includes Match, Tinder, PlentyOfFish and OkCupid. The company is headquartered in New York City and has offices worldwide.

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/iac-earnings-release-and-letter-to-shareholders-available-on-companys-ir-site-300400352.html

    IAC

    CONTACT: Mark Schneider, IAC Investor Relations, (212) 314-7400; Isabelle
    Weisman, IAC Corporate Communications, (212) 314-7361

    Web site: http://www.iac.com/




    Universal Technical Institute Reports Fiscal Year 2017 First Quarter ResultsAchieved $1.4 Million Operating Income, Reflecting $9.2 Million Cost Savings from Implementation of Financial Improvement Plan

    SCOTTSDALE, Ariz., Feb. 1, 2017 /PRNewswire/ -- Universal Technical Institute, Inc. , the leading provider of automotive technician training, reported financial results for the fiscal 2017 first quarter ended December 31, 2016.

    Kim McWaters, UTI's Chairman and Chief Executive Officer, stated: "During the fiscal first quarter, we made significant progress implementing our financial improvement plan and achieving $1.4 million in operating income. We streamlined our cost structure and are currently on track to save over $30 million annually. Additionally, our Long Beach campus continued to meet our performance expectations demonstrating the success of our smaller campus strategy.

    "We are squarely focused on the front end of our business, with the goal of balancing the quantity of inquiries with the quality of candidates. As we worked to optimize marketing in the first quarter, we experienced some short-term challenges that impacted first quarter inquiries and enrollments. The marketing adjustments we made in December are now positively impacting inquiry volume, supporting our goal to grow new student starts in the second half of the year."

    Financial Results for the Fiscal First Quarter: 2017 Compared to 2016

    --  Revenues were $84.2 million, compared to $89.8 million for the prior
    year period. Revenues exclude tuition related to students participating
    in the company's proprietary loan program, which were $5.0 million and
    $5.7 million for the first fiscal quarter of 2017 and 2016,
    respectively. This tuition will be recognized as revenues when payments
    are received.
    --  Operating expenses were $82.8 million, compared to $92.0 million for the
    prior year period. The $9.2 million decrease is largely due to lower
    compensation and improved operating efficiencies pursuant to the
    implementation of the Financial Improvement Plan; the savings were
    partially offset by $1.3 million in severance charges related to a
    November 2016 reduction in workforce.
    --  Operating income was $1.4 million, compared to an operating loss of $2.2
    million for the prior year period. The improvement reflects the
    aforementioned significant cost reduction and $0.8 million in operating
    income from the Long Beach campus, which opened in August 2015.
    --  UTI recorded a preferred stock cash dividend of $1.3 million for the
    three-months ended December 31, 2016 in accordance with the company's
    Series A Preferred Stock purchase agreement.
    --  Income tax expense was $2.6 million reflecting a full valuation
    allowance on its deferred tax assets, compared to an income tax benefit
    of $0.9 million for the prior year period. The company recognized a
    significant tax expense in the fiscal first quarter of 2017 due to the
    tax treatment of certain expenses anticipated to be deductible in future
    years.
    --  Net loss was $1.7 million, or $0.12 per diluted share, compared to $1.7
    million, or $0.07 per diluted share, for the prior year period.
    --  Earnings before interest, taxes, depreciation and amortization (EBITDA)
    for the three months ended December 31, 2016 was $6.3 million, compared
    to $2.9 million for the prior year period. (See "Use of Non-GAAP
    Financial Information" below.)
    --  Cash, cash equivalents and investments totaled $103.8 million at
    December 31, 2016, compared to $120.7 million at September 30, 2016. The
    decrease reflects $11.5 million held in restricted cash related to the
    collateralization of bonds as well as changes in working capital.
    

    Student Metrics

    Three Months Ended December 31, 2016 2015 ---- ---- (Rounded to hundreds) Total starts 1,400 1,800 Average undergraduate full-time student enrollment 12,000 13,300 End of period undergraduate full- time student enrollment 10,800 12,300

    Fiscal 2017 Outlook

    --  UTI now expects new student starts to be down in the high-single digits.
    Combined with the number of students currently in school and the timing
    of the anticipated start growth, the average student population is now
    projected to be down in the low-double digits as a percentage compared
    with the prior year period.
    --  While annual tuition increases will slightly offset the decline in
    average students, the company expects revenue to be down in the
    mid-single digits in fiscal 2017.
    --  UTI now expects its Financial Improvement Plan implemented in September
    2016 to deliver greater than $30 million in annualized cost savings in
    fiscal 2017.
    --  Netting the increased cost savings with lower-than-anticipated starts in
    the fiscal first quarter and early in the second quarter, UTI still
    expects to generate operating income and significantly improved EBITDA
    for fiscal 2017.
    --  Capital expenditures are expected to be approximately $12.5 million to
    $13.5 million for the year ending September 30, 2017.
    

    Conference Call

    Management will hold a conference call to discuss the 2017 first quarter results on Wednesday, February 1 at 2:30 p.m. MST (4:30 p.m. EST). This call can be accessed by dialing 412-317-6790 or 844-881-0138. Investors are invited to listen to the call live at http://uti.investorroom.com/. Please access the website at least 10 minutes early to register, download and install any necessary audio software. A replay of the call will be available on the Investor Relations section of UTI's website for 60 days or the replay can be accessed through February 13, 2017 by dialing 412-317-0088 or 877-344-7529 and entering pass code 10100225.

    Use of Non-GAAP Financial Information

    This press release and the related conference call contains non-GAAP (Generally Accepted Accounting Principles) financial measures, which are intended to supplement, but not substitute for, the most directly comparable GAAP measures. Management chooses to disclose to investors, these non-GAAP financial measures because they provide an additional analytical tool to clarify the results from operations and helps to identify underlying trends. Additionally, such measures help compare the Company's performance on a consistent basis across time periods. To obtain a complete understanding of the Company's performance these measures should be examined in connection with net income (loss), determined in accordance with GAAP, as presented in the financial statements and notes thereto included in the annual and quarterly filings with the Securities and Exchange Commission. Since the items excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be an alternative to net income as a measure of the Company's operating performance or profitability. Exclusion of items in the non-GAAP presentation should not be construed as an inference that these items are unusual, infrequent or non-recurring. Other companies, including other companies in the education industry, may calculate non-GAAP financial measures differently than UTI does, limiting their usefulness as a comparative measure across companies. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures are included below.

    Safe Harbor Statement

    All statements contained herein, other than statements of historical fact, are "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933, as amended. Such statements are based upon management's current expectations and are subject to a number of uncertainties that could cause actual performance and results to differ materially from the results discussed in the forward-looking statements. Factors that could affect the Company's actual results include, among other things, changes to federal and state educational funding, changes to regulations or agency interpretation of such regulations affecting the for-profit education industry, possible failure or inability to obtain regulatory consents and certifications for new or expanding campuses, potential increased competition, changes in demand for the programs offered by UTI, increased investment in management and capital resources, the effectiveness of the recruiting, advertising and promotional efforts, changes to interest rates and unemployment, general economic conditions of the Company and other risks that are described from time to time in the Company's public filings. Further information on these and other potential factors that could affect the financial results or condition may be found in the Company's filings with the Securities and Exchange Commission. The forward-looking statements speak only as of the date of this press release. Except as required by law, the Company expressly disclaims any obligation to publicly update any forward-looking statements whether as a result of new information, future events, changes in expectations, any changes in events, conditions or circumstances, or otherwise.

    About Universal Technical Institute, Inc.

    Headquartered in Scottsdale, Arizona, Universal Technical Institute, Inc. is the leading provider of post-secondary education for students seeking careers as professional automotive, diesel, collision repair, motorcycle and marine technicians. With more than 200,000 graduates in its 52-year history, UTI offers undergraduate degree and diploma programs at 12 campuses across the United States, as well as manufacturer-specific training programs at dedicated training centers. Through its campus-based school system, UTI provides specialized post-secondary education programs under the banner of several well-known brands, including Universal Technical Institute (UTI), Motorcycle Mechanics Institute and Marine Mechanics Institute (MMI) and NASCAR Technical Institute (NASCAR Tech). For more information visit www.uti.edu.

    Company Contact:
    Bryce Peterson
    Chief Financial Officer
    Universal Technical Institute, Inc.
    (623) 445-0993

    Investor Relations Contact:
    Becky Herrick/Kirsten Chapman
    LHA Investor Relations
    (415) 433-3777
    UTI@lhai.com

    (Tables Follow)

    UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) Three Months Ended December 31, 2016 2015 ---- ---- (In thousands, except per share amounts) Revenues $84,179 $89,773 Operating expenses: Educational services and facilities 47,154 49,652 Selling, general and administrative 35,638 42,314 ------ ------ Total operating expenses 82,792 91,966 ------ ------ Income (loss) from operations 1,387 (2,193) Other (expense) income: Interest expense, net (749) (817) Equity in earnings of unconsolidated affiliates 128 135 Other income 120 254 --- --- Total other expense, net (501) (428) ---- ---- Income (loss) before income taxes 886 (2,621) Income tax expense (benefit) 2,610 (941) Net loss $(1,724) $(1,680) ======= ======= Preferred stock dividends 1,323 - Loss available for distribution $(3,047) $(1,680) ======= ======= Earnings (loss) per share: Net loss per share - basic $(0.12) $(0.07) Net loss per share - diluted $(0.12) $(0.07) Weighted average number of shares outstanding: Basic 24,625 24,234 ====== ====== Diluted 24,625 24,234 ====== ====== Cash dividends declared per common share $ - $0.02 === === =====

    UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Three Months Ended December 31, 2016 2015 ---- ---- (In thousands, except per share amounts) Net loss $(1,724) $(1,680) Other comprehensive loss (net of tax): Equity interest in investee's unrealized gains (losses) on hedging derivatives, net of taxes (3) (1) --- --- Comprehensive loss $(1,727) $(1,681) ======= =======


    UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) Dec. 31, 2016 Sept. 30, 2016 ------------- -------------- Assets (In thousands) Current assets: Cash and cash equivalents $102,859 $119,045 Restricted cash 15,066 5,956 Investments, current portion 968 1,691 Receivables, net 10,223 15,253 Prepaid expenses and other current assets 20,479 20,004 ------ ------ Total current assets 149,595 161,949 Property and equipment, net 111,533 114,033 Goodwill 9,005 9,005 Other assets 12,040 12,172 Total assets $282,173 $297,159 ======== ======== Liabilities and Shareholders' Equity Current liabilities: Accounts payable and accrued expenses $30,072 $42,545 Deferred revenue 42,208 44,491 Accrued tool sets 2,953 2,938 Dividends payable 1,323 - Financing obligation, current 959 913 Income tax payable 1,991 - Other current liabilities 3,649 3,673 ----- ----- Total current liabilities 83,155 94,560 Deferred tax liabilities 3,141 3,141 Deferred rent liability 8,478 8,987 Financing obligation 42,881 43,141 Other liabilities 10,375 10,716 Total liabilities 148,030 160,545 ------- ------- Commitments and contingencies Shareholders' equity: Common stock, $0.0001 par value, 100,000,000 shares authorized, 31,490,488 shares issued and 24,625,591 shares outstanding as of December 31, 2016 and 31,489,331 shares issued and 24,624,434 shares outstanding as of September 30, 2016 3 3 Preferred stock, $0.0001 par value, 10,000,000 shares authorized; 700,000 shares of Series A Convertible Preferred Stock issued and outstanding as of December 31, 2016, liquidation preference of $100 per share, and 700,000 shares issued and outstanding as of September 30, 2016 - - Paid-in capital - common 183,161 182,615 Paid-in capital - preferred 68,853 68,820 Treasury stock, at cost, 6,864,897 shares as of December 31, 2016 and September 30, 2016 (97,388) (97,388) Retained deficit (20,501) (17,454) Accumulated other comprehensive income 15 18 --- --- Total shareholders' equity 134,143 136,614 Total liabilities and shareholders' equity $282,173 $297,159 ======== ========


    UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Three Months Ended December 31, 2016 2015 ---- ---- (In thousands) Cash flows from operating activities: Net loss $(1,724) $(1,680) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 3,639 3,582 Amortization of assets subject to financing obligation 670 801 Amortization of held-to-maturity investments 3 199 Bad debt expense 249 482 Stock-based compensation 548 912 Deferred income taxes - 342 Equity in earnings of unconsolidated affiliates (128) (135) Training equipment credits earned, net (246) (100) (Gain) loss on disposal of property and equipment (16) 25 Changes in assets and liabilities: Restricted cash (11,147) (123) Receivables 2,574 463 Prepaid expenses and other current assets (362) (1,492) Other assets - (79) Accounts payable and accrued expenses (12,644) (5,122) Deferred revenue (2,283) 1,610 Income tax payable/receivable 4,198 (2,714) Accrued tool sets and other current liabilities 78 (104) Deferred rent liability (509) (449) Other liabilities (304) 29 ---- --- Net cash used in operating activities (17,404) (3,553) ------- ------ Cash flows from investing activities: Purchase of property and equipment (1,441) (2,626) Proceeds received upon maturity of investments 720 9,555 Change in note receivable - (250) Capitalized costs for intangible assets - (250) Return of capital contribution from unconsolidated affiliate 118 119 Restricted cash: proprietary loan program 2,037 1,151 ----- ----- Net cash provided by investing activities 1,434 7,699 ----- ----- Cash flows from financing activities: Payment of common stock cash dividends - (970) Payment of financing obligation (214) (169) Payment of payroll taxes on stock-based compensation through shares withheld (2) (2) Net cash used in financing activities (216) (1,141) ---- ------ Net increase (decrease) in cash and cash equivalents (16,186) 3,005 Cash and cash equivalents, beginning of period 119,045 29,438 ------- ------ Cash and cash equivalents, end of period $102,859 $32,443 ======== =======

    UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP FINANCIAL INFORMATION TO NON-GAAP FINANCIAL INFORMATION (UNAUDITED) Reconciliation of Net Loss to EBITDA Three Months Ended December 31, 2016 2015 ---- ---- (In thousands) Net loss $(1,724) $(1,680) Interest expense, net 749 817 Income tax expense (benefit) 2,610 (941) Depreciation and amortization 4,639 4,685 ----- ----- EBITDA $6,274 $2,881 ====== ======

    Reconciliation of Income (Loss) from Operations Impact of Severance Costs and Long Beach, California Campus Three Months Ended December 31, 2016 2015 ---- ---- (In thousands) Income (loss) from operations, as reported $1,387 $(2,193) Severance costs 1,284 - Long Beach, California campus (income) loss from operations (817) 1,408 Income (loss) from operations, adjusted for severance costs and Long Beach, California campus $1,854 $(785) ====== =====

    Reconciliation of Loss Per Share Impact of Deferred Tax Valuation Allowance Three Months Ended December 31, 2016 2015 ---- ---- (In thousands) Loss available for distribution $(3,047) $(1,680) Income tax allowance expense related to increase in deferred tax asset valuation 2,139 - ----- --- Loss available for distribution, adjusted for deferred tax asset valuation allowance $(908) $(1,680) ===== ======= Diluted loss per share, as reported $(0.12) $(0.07) ====== ====== Diluted loss per share, adjusted for deferred tax asset valuation allowance $(0.04) $(0.07) ====== ====== Diluted weighted average shares outstanding 24,625 24,234

    Reconciliation of Loss Per Share Impact of Severance Costs Three Months Ended December 31, 2016 2015 ---- ---- (In thousands) Loss available for distribution $(3,047) $(1,680) Severance costs $1,284 $ - Less: tax effects of severance costs (494) - ---- --- Loss available for distribution, adjusted for severance costs $(2,257) $(1,680) ======= ======= Diluted loss per share, as reported $(0.12) $(0.07) ====== ====== Diluted loss per share, adjusted for severance costs $(0.09) $(0.07) ====== ====== Diluted weighted average shares outstanding 24,625 24,234

    UNIVERSAL TECHNICAL INSTITUTE, INC. AND SUBSIDIARIES SELECTED SUPPLEMENTAL INFORMATION (UNAUDITED) Selected Supplemental Financial Information Three Months Ended December 31, 2016 2015 ---- ---- (In thousands) Salaries expense $35,796 $39,182 Employee benefits and tax 7,504 8,438 Bonus expense 1,787 1,295 Stock-based compensation 548 912 Total compensation and related costs $45,635 $49,827 ------- ------- Occupancy expense $9,548 $9,729 Depreciation and amortization expense $4,639 $4,685 Bad debt expense $249 $482

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/universal-technical-institute-reports-fiscal-year-2017-first-quarter-results-300400785.html

    Universal Technical Institute, Inc.

    Web site: http://www.uti.edu/




    Research Solutions Sets Fiscal Second Quarter 2017 Conference Call for Tuesday, February 14, 2017 at 5:00 p.m. ET

    ENCINO, Calif., Feb. 1, 2017 /PRNewswire/ -- Research Solutions, Inc. (OTCQB: RSSS), a pioneer in providing cloud-based solutions for scientific research , will hold a conference call on Tuesday, February 14, 2017 at 5:00 p.m. Eastern time to discuss its financial results for the fiscal second quarter ended December 31, 2016. Financial results will be issued in a press release prior to the call.

    Research Solutions President and CEO Peter Derycz and CFO Alan Urban will host the conference call, followed by a question and answer period.

    Date: Tuesday, February 14, 2017
    Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
    Toll-free dial-in number: 1-855-327-6837
    International dial-in number: 1-631-891-4304
    Conference ID: 10002411

    Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios Group at 1-949-574-3860.

    The conference call will be broadcast live and available for replay at http://public.viavid.com/index.php?id=122859 and via the investor relations section of the company's website at www.researchsolutions.com.

    A replay of the conference call will be available after 8:00 p.m. Eastern time on the same day through February 28, 2017.

    Toll-free replay number: 1-844-512-2921
    International replay number: 1-412-317-6671
    Replay ID: 10002411

    About Research Solutions
    Research Solutions, Inc. (OTCQB: RSSS) is a pioneer in cloud-based research intelligence and retrieval solutions for R&D-driven organizations. More than 70 percent of the top 25 pharmaceutical companies in the world rely on services delivered by Research Solutions' wholly owned subsidiary Reprints Desk. The company's Software-as-a-Service (SaaS) platform provides customers with on-demand access to, and augmented data from, tens of millions of scientific, medical, and technical (STM) documents, helping them to accelerate acquisition at the point of discovery, save time and money, and remain copyright-compliant. For more information, visit www.researchsolutions.com.

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/research-solutions-sets-fiscal-second-quarter-2017-conference-call-for-tuesday-february-14-2017-at-500-pm-et-300400718.html

    Photo: http://mma.prnewswire.com/media/382926/rs_640_Logo.jpg Research Solutions, Inc.

    CONTACT: Media Contact: Research Solutions, Inc., Mitja-Alexander Linss,
    Director of Marketing, Tel +1 (617) 835 0854, mlinss@reprintsdesk.com or
    Investor Relations: Liolios Group, Inc., Cody Slach, Tel 949-574-3860,
    RSSS@liolios.com

    Web site: http://www.researchsolutions.com/




    Cogent Communications to Host Fiscal Year 2016 Earnings Call on February 23, 2017

    WASHINGTON, Feb. 1, 2017 /PRNewswire/ -- Cogent Communications Holdings, Inc. will host a conference call with financial analysts at 8:30 a.m. (ET) on February 23, 2017 to discuss Cogent's operating results for the fourth quarter and full year of 2016. Cogent will issue a press release announcing the operating results at 7:00 a.m. (ET) on February 23, 2017.

    To participate, investors and other interested parties may access the earnings call as follows:

    Dial-in Numbers: 1-800-668-4132 for U.S. callers 1-224-357-2196 for international callers Internet: An audio webcast is accessible under "Events" in the "News" section of Cogent's website at www.cogentco.com/events and will remain available through May 25, 2017. Telephone Replay: Thursday, February 23, 2017 at 11:30 a.m. (ET) and continuing through 11:30 a.m. (ET) on Thursday, March 2, 2017. To listen to the replay, please dial 1-404-537-3406, Access code 64230201

    About Cogent Communications
    Cogent Communications is a multinational, Tier 1 facilities-based ISP, consistently ranked as one of the top five Internet backbone networks in the world. Cogent specializes in providing businesses with high speed Internet access, Ethernet transport and colocation services. Cogent's facilities-based, all-optical IP network provides services in over 190 markets globally.

    Since its inception, Cogent has unleashed the benefits of IP technology, building one of the largest and highest capacity IP networks in the world. This network enables Cogent to offer large bandwidth connections at highly competitive prices. Cogent also offers superior customer support by virtue of its end-to-end control of service delivery and network monitoring.

    Cogent Communications is headquartered at 2450 N Street, NW, Washington, D.C. 20037. For more information, visit www.cogentco.com. Cogent Communications can be reached in the United States at (202) 295-4200 or via email at info@cogentco.com.

    Information in this release may involve expectations, beliefs, plans, intentions or strategies regarding the future. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in this release are based upon information available to Cogent Communications Holdings, Inc. as of the date of the release, and we assume no obligation to update any such forward-looking statement. The statements in this release are not guarantees of future performance and actual results could differ materially from our current expectations. Numerous factors could cause or contribute to such differences. Some of the factors and risks associated with our business are discussed in Cogent's registration statements filed with the Securities and Exchange Commission and in its other reports filed from time to time with the SEC.

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cogent-communications-to-host-fiscal-year-2016-earnings-call-on-february-23-2017-300400699.html

    Photo: http://mma.prnewswire.com/media/94565/cogent_communications_logo.jpg Cogent Communications Holdings, Inc.

    CONTACT: Public Relations: Fatima Bokhari, + 1 (202) 295-4336,
    fbokhari@cogentco.com, Investor Relations: + 1 (202) 295-4212,
    investor.relations@cogentco.com

    Web site: http://www.cogentco.com/




    HDI Unveils Top 25 Thought Leaders in Technical Support and Service ManagementSelected by peers, the list features a who's who of influential professionals in the world of technical support and service management

    COLORADO SPRINGS, Colo., Feb. 1, 2017 /PRNewswire/ -- HDI, the first membership association and certification body created for the technical support industry, today announced the release of its first-ever Top 25 Thought Leaders in Technical Support and Service Management list. Based on nominations and votes from professionals in the technical support and service management community, the list consists of those who, according to their peers are educating, motivating, inspiring, and leading the technical support and service management industries.

    Tweet this: @ThinkHDI releases first Top 25 Thought Leaders in #TechnicalSupport and Service Management list! See who made it!: http://ubm.io/Top25

    "Many published 'lists' are composed using an algorithm and lack a human perspective," says Justin Robbins, community director, HDI. "At HDI, we chose to survey the tech support community, asking for their opinions on who has made a significant impact on the industry. The outcome is a list of all-stars that are shaping the future of our industry, and we're thrilled to announce them as we collectively work to advance the mission of technical support."

    In alphabetical order, the official Top 25 Thought Leaders in Technical Support and Service Management are:

    --  Claire Agutter | @claireagutter
    --  Aprill Allen | @knowledgebird
    --  Roy Atkinson | @RoyAtkinson
    --  Patrick Bolger | @patb0512
    --  Nate Brown | @customerisfirst
    --  Brandon Caudle | @brandoncaudle
    --  Dr. Mauricio Corona | @mauriciocorona
    --  John Custy | @ITSMNinja
    --  Troy DuMoulin | @TroyDuMoulin
    --  Karen Ferris | @karen_ferris
    --  Gregg Gregory | @TeamsRock
    --  Matt Hooper | @VigilantGuy
    --  Kirstie Magowan | @kirstiemagowan
    --  Stephen Mann | @stephenmann
    --  Julie Mohr | @juliemohr
    --  Simone Jo Moore | @simonejomoore
    --  Ryan Ogilvie | @ryanrogilvie
    --  Barclay Rae | @barclayrae
    --  Stuart Rance | @stuartrance
    --  David Ratcliffe | @PinkerDavid
    --  Jeff Rumburg | @MetricNet
    --  Greg Sanker | @gtsanker
    --  Jeff Toister | @toister
    --  Phil Verghis | @phil_verghis
    --  Jeremy Watkin | @jtwatkin
    

    Many of the professionals (names in bold) on the Top 25 Thought Leaders in Technical Support and Service Management list are presenting sessions and workshops at the HDI 2017 Conference & Expo, which takes place May 9-12 in Washington D.C. The HDI 2017 Conference & Expo is the technical support industry's most comprehensive event, packed with learning, presentations, networking and more. For more information about the program and speakers, please visit: http://www.hdiconference.com.

    About HDI
    Founded in 1989, HDI is the first membership association and certification body created for the technical support industry. Since then, HDI has remained the source for professional development by offering the resources needed to promote organization-wide success through exceptional customer service. In other words, we help professionals in service management better serve customers. We do this by facilitating collaboration and networking, hosting acclaimed conferences and events, producing renowned publications and research, certifying and training thousands of professionals each year, and connecting solution providers with practitioners. Learn more at www.ThinkHDI.com. HDI is organized by UBM Americas, a part of UBM plc (UBM.L), an Events First marketing and communications services business. For more information, visit ubmamericas.com.

    Contact:
    Kimberly Samra
    HDI PR
    HDIPR@ubm.com

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/hdi-unveils-top-25-thought-leaders-in-technical-support-and-service-management-300400774.html

    Photo: http://mma.prnewswire.com/media/463954/HDI_Logo.jpg HDI

    Web site: http://www.thinkhdi.com/




    pdvWireless to Announce Third Quarter Fiscal 2017 Financial Results

    WOODLAND PARK, N.J., Feb. 1, 2017 /PRNewswire/ -- pdvWireless, Inc., , a private wireless communications carrier and provider of mobile workforce management solutions, is scheduled to release its fiscal 2017 third quarter financial results after the market closes on Tuesday, February 7, 2017.

    pdvWireless will also host a conference call to discuss its results on February 7, 2017 at 4:45 p.m. ET. Investors and interested parties can participate in the earnings call by dialing into the conference line 888-267-2845 and using the conference code 542263. The earnings call will be available for replay until February 21, 2017 and can be accessed through the pdvWireless Investor Relations website at http://corp.pdvwireless.com/investors/events/.

    About pdvWireless

    pdvWireless, Inc. is a private wireless communications carrier and provider of mobile workforce management solutions that increase the productivity of field-based workers and the efficiency of their dispatch and call center operations. pdvWireless has commenced launching private push-to-talk networks in major markets throughout the United States. Its patented and industry-validated SaaS technology improves team communication and field documentation across a wide array of industries, including transportation, distribution, construction, hospitality, waste management and field service. pdvWireless' Chairman, Brian McAuley and Vice Chairman, Morgan O'Brien, were the co-founders of Nextel Communications and have over 60 years of combined experience in two-way radio operations and FCC regulatory matters. pdvWireless is headquartered in Woodland Park, New Jersey.

    Tim Gray
    Chief Financial Officer
    pdvWireless, Inc.
    973-771-0981
    ir@pdvwireless.com

    Joe Millsap
    Joele Frank, Wilkinson Brimmer Katcher
    415-869-3950

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pdvwireless-to-announce-third-quarter-fiscal-2017-financial-results-300400619.html

    pdvWireless, Inc.



    Ancora Advisors Delivers Open Letter to Edgewater Technology StockholdersGratified by the Support from Other Significant Edgewater Stockholders to DateReminds Stockholders That the February 13, 2017 Goal Date for Delivering Consents Is Less Than Two Weeks AwayUrges Stockholders to Sign and Date the WHITE Ancora Consent Card Today to Replace Four Stale, Long-Tenured Directors with Ancora's Highly Qualified Director Candidates - Matthew Carpenter, Frederick DiSanto, Jeffrey L. Rutherford and Kurtis J. Wolf

    CLEVELAND, Feb. 1, 2017 /PRNewswire/ -- Ancora Advisors, LLC (together with its affiliates, "Ancora"), a 9.2% stockholder of Edgewater Technology, Inc. ("Edgewater" or the "Company") , announced today that it has issued an open letter to Edgewater stockholders in connection with its campaign to solicit consents for a number of proposals, the ultimate effect of which, if successful, would be to remove four current members of the Board of Directors of Edgewater, and replace them with Ancora's four highly-qualified director nominees. Ancora would like to remind all stockholders that the February 13, 2017 goal date for delivering sufficient consents to take the actions to reconstitute the Board is less than two weeks away.

    February 1, 2017

    Dear Fellow Edgewater Stockholders:

    Ancora Advisors, LLC (together with its affiliates, "Ancora" or "we") is a long-term stockholder of Edgewater Technology, Inc. ("Edgewater" or the "Company") with ownership of 1,189,169 shares of Edgewater, representing 9.2% of the Company's outstanding shares.

    We are at a critical juncture for the future of our Company. Ancora's consent process provides stockholders with the direct ability to reconstitute the Edgewater Board of Directors (the "Board") with directors committed to properly overseeing the Company and protecting and enhancing the value of our investment. We firmly believe that swapping out four long-tenured directors with our highly-qualified candidates will set Edgewater on the right track to become a stronger, better-run and, ultimately, more valuable company. We urge you not to miss this opportunity to help realize the full value of your investment in Edgewater. Submit your WHITE consent card today to replace four stale directors who, in our view, are directly responsible for the significant underperformance we have all endured with four fresh and experienced candidates who will work constructively with the rest of the Board to protect stockholders' best interests.

    Ancora's director nominees will bring a fresh perspective to the board room with significant ownership of Edgewater stock. The four directors slated for replacement collectively have purchased 7,700 shares over the past decade (two of the four directors purchasing zero shares). The Board claims it has a plan to build shareholder value, yet these four directors haven't purchased a single share of stock in nearly four years! We shouldn't allow our investment's fate to remain in the hands of entrenched insiders evidently lacking the conviction to invest in their own approved business plan. In fact, since the termination of the strategic process on November 14, 2016 until the insider trading window was closed on December 16, 2016, not a single director, nor any of the Company's NEOs, purchased a single share of Edgewater stock (in fact, several insiders sold shares). These are clearly not the actions of people that believe in the strategic vision for the Company.

    At this late stage in this consent solicitation, we are disappointed, yet not surprised, to see the Board increasingly resort to questionable tactics, such as cherry-picking performance data by failing to mention the Company's abysmal total shareholder return ("TSR") relative to peers over 1-, 3- and 10-year time horizons. Additionally, the Company has failed to correct the erroneous 5-year total shareholder return it reported in its January 17, 2017 letter to shareholders (which it falsely reported a 5-year 241% TSR instead of 141%). These are the familiar hallmarks of a poorly governed Board clinging to power - and we categorically reject them. Clearly, the Board hopes that by continuing to repeat its misleading claims shareholders will be confused about the facts and distracted from the Board's massive destruction of shareholder value at Edgewater.

    Don't let the Board and management distract you from their track record of poor performance. Under the failed stewardship of Paul Flynn, Paul Guzzi, Michael Loeb and Wayne Wilson:

    --  Total stockholder returns have materially underperformed peers and
    relevant market indices over almost any measurable time period;
    --  The Board has overseen nearly $50 million in value destruction;
    --  The Company continues to have overhead expenses far in excess of its
    peers;
    --  Poor compensation practices have siphoned stockholder value to the CEO,
    CTO, and directors; and
    --  Poor corporate governance has further depressed value.
    

    It is time to hold the Board accountable for Edgewater's long-term underperformance, excessive executive compensation packages and poor corporate governance practices. Our highly-qualified candidates, who are fully aligned with stockholders' interests, bring the fresh perspective, skill sets and experience necessary to significantly improve Edgewater's financial and operating performance. Sign, date and mail the WHITE consent card today to let the Board know: "The time for change is now!"

    SUPPORT OUR HIGHLY QUALIFIED SLATE OF DIRECTORS TO CREATE VALUE AT EDGEWATER

    PLEASE SIGN, DATE AND MAIL ANCORA'S WHITE CONSENT CARD TODAY

    Thank you for your support,

    /s/ Frederick DiSanto

    Frederick DiSanto

    If you have any questions, or require assistance with your vote, please contact our solicitor InvestorCom toll-free at (877) 972-0090 (Stockholders). Banks and Brokers may call collect at (203) 972-9300.

    About Ancora:

    Ancora Advisors, LLC, is a registered investment adviser with the Securities and Exchange Commission of the United States. Ancora offers comprehensive investment solutions for institutions and individuals in the areas of fixed income, equities, global asset allocation, alternative investments and retirement plans. A more detailed description of the company, its management and practices are contained in its "Firm Brochure" (Form ADV, Part 2A). A copy of this form may be received by contacting the company at: 6060 Parkland Boulevard, Suite 200 Cleveland, Ohio 44124, Phone: 216-825-4000, or by visiting the website, www.ancora.net/adv.

    Investor Contact:
    InvestorCom
    John Glenn Grau, 203-972-9300 ext. 11

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ancora-advisors-delivers-open-letter-to-edgewater-technology-stockholders-300400604.html

    Ancora Advisors, LLC



    AT&T Creates Highly Secure Private Networking Solution for Internet of ThingsAT&T IoT solutions are now part the AT&T NetBond(R) Ecosystem

    DALLAS, Feb. 1, 2017 /PRNewswire/ -- AT&T(1) is helping businesses better secure and manage connected devices on their networks.

    The cloud-based AT&T Control Center, powered by Cisco Jasper, helps businesses launch, manage and monetize IoT services. It will now have greater security by adding AT&T NetBond connectivity.

    The solution will give businesses highly secure connectivity to leading cloud service providers and to their own data centers. The connection travels through the AT&T Virtual Private Network (VPN), isolated from public internet risks. It also saves costs through work resources on demand, and consistent and predictable performance.

    "The industry is growing rapidly with analysts forecasting there will be tens of billions of connected devices by 2020. This acceleration will introduce new risks for businesses," said Chris Penrose, President, Internet of Things Solutions, AT&T. "By integrating AT&T Control Center and AT&T NetBond, we can give businesses a robust and highly secure solution to address those risks."

    Businesses get a single IoT solution that helps:

    --  Protect them from security breaches.
    --  Gain strategic insight. View data usage, costs to performance and
    provisioning status.
    --  Control costs. Access automated overage controls, notifications and
    rules.
    --  Troubleshoot instantly. Run detailed diagnostics on any device, online
    and in near real-time.
    --  Manage operations more efficiently. Control devices directly from their
    own apps.
    

    AT&T Control Center is the latest in a list of leading cloud solutions to join the AT&T NetBond ecosystem. NetBond users can access as many as 20 leading cloud services and the NetBond ecosystem includes more than 17 providers of cloud, application, infrastructure, and integration services.

    "AT&T NetBond isn't just about connecting customers to their clouds. It offers simple, scalable, and highly secure software-defined connections for all businesses," said Mo Katibeh, Senior Vice President, AT&T Advanced Solutions. "Bringing our IoT solutions into AT&T NetBond keeps businesses' critical IoT devices, workloads and information off of the public internet and on a private network. That brings inherent security and latency benefits at an incredibly affordable price."

    Highly secure private access to AT&T Control Center with AT&T NetBond is available now for IoT enterprise customers. Please visit www.att.com/netbond for more information.

    (1)AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc.

    About AT&T
    AT&T Inc. helps millions around the globe connect with leading entertainment, mobile, high speed internet and voice services. We offer entertainment your way on the nation's best data network.* We're one of the world's largest providers of pay TV. We have TV customers in the U.S. and 11 Latin American countries. And we offer the best global coverage of any U.S. wireless provider.** We also help businesses worldwide serve their customers better with our mobility and highly secure cloud solutions.

    Additional information about AT&T products and services is available at http://about.att.com. Follow our news on Twitter at @ATT, on Facebook at http://www.facebook.com/att and YouTube at http://www.youtube.com/att.

    (C) 2017 AT&T Intellectual Property. All rights reserved. AT&T, the Globe logo and other marks are trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks contained herein are the property of their respective owners.

    (*)Claim based on the Nielsen Certified Data Network Score. Score includes data reported by wireless consumers in the Nielsen Mobile Insights survey, network measurements from Nielsen Mobile Performance and Nielsen Drive Test Benchmarks for Q2+Q3 2016 across 121 markets.

    (**)Global coverage claim based on offering discounted voice and data roaming; LTE roaming; and voice roaming in more countries than any other U.S. based carrier. International service required. Coverage not available in all areas. Coverage may vary per country and be limited/restricted in some countries.

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/att-creates-highly-secure-private-networking-solution-for-internet-of-things-300399839.html

    Photo: http://mma.prnewswire.com/media/355192/at_t_inc__logo.jpg AT&T Inc.

    CONTACT: Erin McGrath, AT&T Corporate Communications, Phone: +1
    (214)862-0651, Email: em3380@att.com

    Web site: http://www.att.com/




    u-blox TOBY-R202 and TOBY-R200 First LTE Cat 1 Modules With VoLTE Support Certified for AT&T Network

    THALWIL, Switzerland, February 1, 2017 /PRNewswire/ --

    u-blox (SIX:UBXN), a global leader in wireless and positioning modules and chips, will provide the first LTE Cat 1 modules with voice over LTE (VoLTE) support to be certified for the AT&T cellular network. The TOBY-R202 and TOBY-R200 [https://www.u-blox.com/en/product/toby-r2-series ] modules will support a broad range of Industrial Internet of Things (IoT) applications.

    (Logo: http://photos.prnewswire.com/prnh/20150826/261282LOGO )

    Both cellular modules operate on LTE bands 2, 4, 5 and 12. In addition to VoLTE, they also feature voice support via circuit switched fallback (CSFB) for legacy 2G and / or 3G networks in areas where LTE is not available. TOBY-R202 provides fallback on 3G bands 2 and 5, while TOBY-R200 provides global 2G and 3G fallback.

    Voice is key to IoT applications that require command, control and alert functionality. VoLTE provides voice capability on LTE modules, enabling devices of the IoT and their users to easily communicate verbally over the LTE network.

    "u-blox is a global leader in developing cellular modules designed for IoT and M2M applications," said Drazen Drinic, Product Manager Cellular at u-blox. "We are pleased to extend our long-time relationship with AT&T to supply LTE Cat 1 modules with VoLTE capability to the AT&T network."

    "Voice is an important feature to many use cases in IoT," said Chris Penrose, President, IoT Solutions, AT&T. "The u-blox Cat 1 LTE modules with VoLTE support will offer robust connectivity to many of our customers requiring voice support capability in the alarm and security industry, automotive and connected health markets."

    According to Andrew Brown, Executive Director at Strategy Analytics, "voice has a pivotal role to play [https://www.strategyanalytics.com/strategy-analytics/blogs/enterprise/iot/iot/2016/02/19/the-role-of-voice-in-the-internet-of-things#.WHkr1FMrK03 ] in the Industrial IoT segments where automation, robotics and mobility will factor in, as well as in the Consumer segment for consumer healthcare, smart home and smart building applications. We project that voice could capture up to 12% of Industrial and 18% of Consumer IoT applications by 2022."

    The two u-blox TOBY-R2 LTE Cat 1 modules support a myriad of IoT and M2M applications requiring voice over the LTE Cat 1 network, such as smart home and buildings (alarm panels, security systems and video surveillance), connected health (patient monitoring and stay-in-place solutions), automotive emergency handling and roadside assistance, smart payments (POS systems, connected vending machines, ATMs, etc.), wearables (action cams), and smart metering (electricity and smart meter gateways).

    The u-blox TOBY-R202 and TOBY-R200 modules come in a compact 24.8 x 35.6 mm form factor. Thanks to u-blox nested design, migration between the TOBY-R2 modules and other u-blox 2G, 3G and 4G modules is easy, while enabling future-proof, seamless mechanical scalability across technologies.

    For more information about u-blox, please visit http://www.u-blox.com

    Contact: Drazen Drinic Phone: +41-44-722-9565 Email: drazen.drinic@u-blox.com

    Photo: http://photos.prnewswire.com/prnh/20150826/261282LOGO

    Photo: http://photos.prnewswire.com/prnh/20150826/261282LOGO u-blox
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